DDC Enterprise Ltd., a Chinese meal-kit company, filed for an initial public offering on Friday with plans to list on the New York Stock Exchange. The company started life in Hong Kong in 2012 as an online platform distributing recipes and culinary content before branching into ready-to-heat and ready-to-cook meals. The company operates in Mainland China, but plans to expand into international markets, including the U.S. and Canada, according to its filing documents. Proceeds of the deal will be used to acquire brands and to repay debt. CMB International and The Benchmark Co. are lead underwriters in a team of five banks working on the deal. The company had a net loss of $17.7 million at the end of 2022 and revenue of $26.0 million. The Renaissance IPO ETF IPO has gained 33% in the year to date, while the S&P 500 SPX has gained 15%.
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