Another week, another Chinese tech IPO. The latest one lined up to hit US markets is JD, the estore that’s a close rival to Alibaba’s Tmall and other general ecommerce sites such as Amazon China.
JD goes public today upon opening of Thursday’s trading. The company has just priced its shares at $19 each, which is above the initial $16 to $18 range it advised a few days ago, reports CNN Fortune. If it debuts at that price, JD will raise $1.78 billion from its listing.
JD is second to Alibaba’s Tmall in terms of market share in China’s business-to-consumer ecommerce sector (as opposed to person-to-person selling). Tmall has 50.6 percent share, JD has 23.3 percent, and an array of also-rans have less than three percent share each, according to the newest figures from iResearch. China’s ecommerce market saw $74 billion in spending in Q1 and is on track to surpass $300 billion for the whole of 2014.
Meanwhile, CNBC cites anonymous sources in reporting that JD’s IPO is fifteen times oversubscribed.
Look out for NASDAQ:JD hitting the markets later today.Editing by Josh Horwitz