Miguel Cordon · · 1 min readJ&T Express may bag at least $1b in latest listing attempt
Logistics company J&T Express is reportedly eyeing a public listing in Hong Kong in the second half of 2023 that could raise a minimum of US$1 billion, Reuters reported, citing unidentified sources.
This would be the Indonesia-headquartered firm’s second stab at an IPO in Hong Kong, as its planned offering in 2022 was delayed due to financial market volatility. A company spokesperson declined to comment when contacted by Reuters.
J&T Express is targeting a minimum valuation of US$20 billion – the same level achieved in its latest funding round in November 2021 – and is reportedly eyeing the sale of 5% to 10% of its shares.
The ultimate value of the IPO would then be between US$1 billion and US$2 billion, but it’s still unclear how the money will be spent.
The decision to proceed with the market debut will depend on financial market conditions, the sources said.
Editing by Dhania Putri Sarahtika
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