The groceries delivery service has filed for an initial public offering reportedly set to be up to $500m in size that would allow Bertelsmann, Red Star Macalline and SoftBank to exit.

Dingdong Maicai, a China-based grocery app developer backed by corporate investors Bertelsmann, Red Star Macalline and SoftBank, filed for an initial public offering on the New York Stock Exchange yesterday. The company has set a $100m placeholder figure for the offering but is targeting $500m, three people with direct knowledge of the matter told Reuters.…

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