(Note: Tencent-backed Missfresh Limited sped up the timing of its IPO pricing by a week: The IPO is set to price on Thursday night, June 24, 2021, to start trading on Friday, June 25. The deal was initially scheduled for the week of June 28, 2021.)
Missfresh is rebuilding neighborhood retail from the ground up in China with our innovative technology and business model. We invented the DMW model by building and operating DMWs in May 2015, before any other player in on-demand DMW retail industry, according to iResearch. Through the convenient locations of our DMWs and technology-enabled DMW management, we operate an online-and-offline integrated on-demand retail business offering fresh produce and FMCGs, which share the characteristics of high-frequency purchases with regular and universal demand. We strive to make grocery shopping more delightful, more efficient, more affordable and more trustworthy. To that end, we operated a technology-enabled network of 631 DMWs in 16 cities in China as of March 31, 2021. We have also built up a full stack of proprietary technology to empower participants in the neighborhood retail business such as supermarkets, fresh markets and local retailers with our core capabilities. (Missfresh Limited is Incorporated in the Cayman Islands.)
Through our “Missfresh” mobile application and Mini Program embedded in third-party social platforms, which feature substantially similar user interface and functions, consumers can easily purchase quality grocery at their fingertips and receive high-quality products delivered by our delivery riders to their doorstep in 39 minutes on average in the first three months of 2021. We appeal to a new generation of consumers who are willing to pay for the high-quality and convenient experience in grocery shopping. We had 5.1 million, 7.2 million, 8.7 million and 7.9 million effective users in 2018, 2019, 2020 and the twelve months ended March 31, 2021, respectively. We accumulated a total of over 31 million transacting users as of March 31, 2021.
According to iResearch, in terms of GMV, we ranked first in China’s on-demand DMW retail industry in 2018 and 2019, respectively, and ranked second in 2020. During 2020, we focused on the growth of our effective users, and continued to invest in technological infrastructure upgrade.
Note: Revenue and net loss figures are in U.S. dollars for the year ended Dec. 31, 2020, according to the prospectus. The estimated market valuation is based on mid-point pricing and the conversion ratio of ADS to Class B ordinary shares. Each ADS represents three Class B ordinary shares.
(Note: Missfresh Ltd. priced its IPO on June 24, 2021, at $13 – the low end of its $13-to-$16 range – on 21 million ADS to raise $273 million.)
|Industry:||Retail - Retail Stores - Groceries|
|Address||Third Floor, Block A, Vanke Times Center, No. 9 Wangjing Street, Chaoyang District Beijing 100016 The People’s Republic of China|
|Phone Number||+86 10 5266 5273|
|View Prospectus:||Missfresh Limited|
|Revenues||$935.69 mil (last 12 months)|
|Net Income||$-251.71 mil (last 12 months)|
|Price range||$13.00 - $13.00|
|Est. $ Volume||$273.0 mil|
|Manager / Joint Managers||J.P. Morgan/Citigroup/CICC/China Renaissance|
|CO-Managers||Haitong International/CMBI/ICBC International/China eedham & Co./China Merchants Securities (HK)/GF Securities (Hong Kong) Brokerage Limited/ABCI/ FUTU /Tiger Brokers|
|Expected To Trade:||6/25/2021|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|