News: China’s DMall hires three banks for over $500 million U.S. IPO: sources.
HONG KONG (Reuters) – Chinese e-commerce platform Dmall (Beijing) E-Commerce Co has hired Bank of America, Goldman Sachs and JPMorgan to go public for over $ 500 million in the US, three people with direct knowledge said to Reuters.
The six-year-old company, founded by retailer Wumart Group, has begun preparations for its IPO. The listing could happen in the second half of this year, one of them said.
Dmall chose to go public through a merger with a special purpose vehicle (SPAC) to go public, said two of the people and two separate sources with direct knowledge of the matter.
Dmall did not immediately respond to a request for comment. Bank of America, Goldman Sachs and JPMorgan declined to comment. All sources declined to be identified because the information is confidential.
Wumart’s founder Zhang Wenzhong founded Dmall in 2015 to expand the retailer’s online sales channels. By the end of October, Dmall had 120 store partners, according to its website, covering over 13,000 stores nationwide with 18 million monthly active users.
Dmall raised 2.8 billion yuan in its latest funding round in October, led by the investment division of Industrial Bank Co and the China Structural Reform Fund.
One respondent said the funding round valued Dmall at $ 5 billion.
The company also counts Tencent Holdings, IDG Capital, and Lenovo Capital as investors, the website shows.
Reporting by Kane Wu, Scott Murdoch and Julie Zhu in Hong Kong; Arrangement by Simon Cameron-Moore
Original Source © Reuters