Dada Nexus bags $450m from ADS follow-on, stock tanks

By Jonathan Breen
04 Dec 2020

Dada Nexus, which operates on-demand retail and delivery platforms in China, raised $450m this week after selling a chunk of new equity.

The issuer, which counts e-commerce company and US retail giant Walmart among its backers, sold 9m of its Nasdaq-listed American depository shares (ADS). Each ADS represent four of Dada’s ordinary shares.

Underwriters Bank of America, Goldman Sachs, Haitong International, Jefferies and KeyBanc Capital Markets launched the ...

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