Recipe platform serves up US$80m IPOBusiness | Avery Chen 21 Apr 2020
DayDayCook, operator of an online cooking recipes-sharing platform, is planning to launch a US initial public offering to raise up to US$80 million (HK$624 million), local media reported.
The Hong Kong start-up plans to list in Nasdaq with weighted voting right shares in the third quarter with a valuation of around US$400 million to US$450 million. DayDayCook has hired Citibank and AMTD Group to arrange the flotation.
DayDayCook, with monthly users of more than 400,000, was founded by Norma Chu, a former head of equity research at HSBC Private Bank, in 2012. It raised 100 million yuan (HK$186.28 billion) in venture capital financing in 2017, led by Alibaba Entrepreneurs Fund and K11 Investment, backed by Adrian Cheng Chi-kong, executive vice-chairman of Sun Hung Kai Properties (0016).
The company entered to mainland market in 2015. Chu said the March active monthly user number surged 52 percent from January as more people have been staying at home and cooking meals amid the Covid-19 pandemic.
The company's sales in the mainland e-commerce platforms also rose more than 42 percent.