SoftBank-backed Dingdong targets over $6 billion valuation in US IPO

Chinese unicorn Dingdong, backed by SoftBank Vision Fund II, is aiming for a more than $6 billion valuation in its New York debut as the grocery app joins Asian tech startups seeking to tap into the IPO boom in the United States.

The valuation represents a jump of over 20% from the $5.1 billion the company was worth after the Japanese conglomerate invested in it last month.

Dingdong said it aims to raise up to $357 million in its IPO as it seeks to navigate a crowded sector that has seen established players including Alibaba Group and Pinduoduo compete aggressively.