Dingdong’s $95.7 Million Initial Public Offering

Kirkland & Ellis and Maples advised Dingdong (Cayman) Limited on its IPO, JunHe advised the underwriters.

Dingdong (Cayman) Limited, a leading and fastest-growing on-demand e-commerce company in China, executed its initial public offering of 4,072,000 American Depositary Shares (“ADSs”), each two representing three Class A ordinary shares of the Company, at a price of US$23.5 per ADS, for a total offering size of US$95.7 million, assuming the underwriters do not exercise their option to purchase additional ADSs, on the New York Stock Exchange, under the ticker symbol “DDL”.

The Company has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an aggregate of 610,800 additional ADSs at US$23.5 per ADS.

Morgan Stanley & Co. LLC, BofA Securities, Inc., and Credit Suisse Securities (USA) LLC acted as joint bookrunners and underwriter representatives for the proposed offering. Mission Capital Management Limited also acted as underwriter for the offering.

The Kirkland team was led by transactional partner David Zhang (Picture) and capital markets partner Steve Lin.

The Maples team included partner Everton Robertson and legal manager Sarena Gong. The Group’s Fund Services business acted as the Cayman Islands Share Registrar, and the team comprised Eastern Fong, Regional Head of the Group’s fund services business in Asia and Senior Vice President Christy Poon.

The JunHe team was led by partner Xudong Tao.

Involved fees earner: Xudong Tao – JunHe; Steve Lin – Kirkland & Ellis; David Zhang – Kirkland & Ellis; Eastern Fong – Maples and Calder; Sarena Gong – Maples and Calder; Christy Poon – Maples and Calder; Everton Robertson – Maples and Calder;

Law Firms: JunHe; Kirkland & Ellis; Maples and Calder;

Clients: Bank of America; Credit Suisse; Dingdong; Morgan Stanley;

Sonia Carcano

Author: Sonia Carcano