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Aditya Hadi Pratama · · 1 min readJD Logistics raises over $3.1b from Hong Kong debut, the second largest this year
“JD Logistics raised US$3.16 billion in Hong Kong IPO, making it the second-largest IPO so far this year in the city-state’s stock market,” Nikkei Asia reported.
Details:
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The IPO pushed the valuation of the company to over US$31 billion, lower than pre-IPO expectations of around US$40 billion.
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SoftBank Vision Fund, Temasek, BlackRock, and four other companies have become cornerstone investors of JD Logistics by buying into the deal before it was opened to the public. Collectively, these companies took 48.3% of shares in the logistics firm.
Context:
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JD Logistics’ listing has become the second-largest IPO on the Hong Kong stock exchange this year after TikTok rival Kuaishou raised US$5.4 billion in February.
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The company will use the funds to improve its network, including in the lower-tier and suburban areas in China, and the infrastructure of the overseas markets.
Editing by Collin Furtado and Jaclyn Tiu
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