(Yicai Global) June 6 -- On-demand delivery and retail firm Dada Nexus raised USD320 million yesterday in the first initial public offering among Chinese firms on the Nasdaq since the US started preparing to make them stick to the same accounting standards.

Dada issued 20 million American depositary shares, priced at USD16, in its offering yesterday, reaching a valuation of USD3.5 billion, according to calculations by Reuters. That was 3.5 million more shares than expected. Each ADS represents four common shares.

If a greenshoe option is exercised in full, Dada could raise as much as USD368 million.

The IPO comes at a delicate time. The US Senate passed the Holding Foreign Companies Accountable Act on May 20 to require foreign companies to prove that they are not government-controlled, as well as make them submit to accounting reviews by the Public Company Accounting Oversight Board.

Founded in June 2014, Dada runs two on-demand platforms, JDDJ for retail and Dada Now for delivery, which compete with Alibaba Group Holding's Ele.me and Meituan Dianping.

In the IPO, JD.Com subscribed for USD41.6 million worth of the Shanghai-based company's shares, and another cornerstone investor, Walmart, got USD30 million in equity. Before the listing, the Beijing-based e-commerce giant had more than 51 percent of Dada's shares, and the US retailer nearly 11 percent.

Dada narrowed its adjusted net loss ratio by nearly half to 46 percent last year, the firm said in its prospectus, without disclosing the period of comparison. In the first quarter of this year, its revenue growth rate rose to 109 percent.

Editor: Emmi Laine