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SoftBank-backed Dingdong rises 19% in market debut, valued at $6.6 billion

| Jun 29, 2021 09:15 PM EDT

A delivery worker of Chinese online grocery Dingdong Maicai works at a shop on a street in Shanghai, China

Shares of Dingdong, backed by SoftBank Vision Fund II, opened 19% above their offer price in their market debut in the United States on Tuesday, giving the Chinese grocery app a valuation of $6.6 billion.

Stock opened at $28 per share, up from the initial public offering price of $23.50 per share. (This story corrects to say valuation of $6.6 bln, not $7 bln, in headline, paragraph 1)

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