China's Dada Nexus raises $320 million in U.S. IPO

People wearing face masks walk as they attend a ceremony to celebrate DaDa's U.S. initial public offering (IPO) on New York's Nasdaq, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China June 5, 2020. /Reuters

Chinese online grocery firm Dada Nexus Ltd on Friday raised 320 million U.S. dollars in an upsized initial public offering, amid increased scrutiny of Chinese companies pursuing U.S. listings.

Dada priced its IPO of 20 million American Depository shares at 16 U.S. dollars each, valuing it at 3.5 billion U.S. dollars.

The firm had earlier planned to sell 16.5 million shares at a range of 15–17 U.S. dollars per share.

The shares jumped 14.3 percent in their stock market debut amid intense scrutiny of Chinese companies pursuing U.S. listings, but fell to 15.99 U.S. dollars at the end.

(With input from Reuters)