JD Logistic set to raise HKD24.6 billion in IPO- PingWest
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JD Logistic set to raise HKD24.6 billion in IPO
11 hours agoJD logistics, the logistic arm of Chinese e-commerce giant JD.com is set to price its Hong Kong initial public offering at HKD40.36 for its initial public offering on Hong Kong Stock Exchange, which will help the company to raise HKD24.6 billion.
Detail: JD logistic will issue 609.2 million shares in its IPO, and the company will issue 91.4 million more shares if 609.2 million shares can not fulfill the demand. JD logistic is scheduled to list on the stock exchange on May 28.
JD logistic plans to use net proceed from the IPO to expand its warehouse, logistic and delivery networks, as well as upgrade its technologies.
JD logistic booked a net of CNY1.5 billion for the first quarter of 2021, widening from CNY421.4 million during the same period a year ago.
Context: JD logistic’s IPO come at the time when IPO funds raised hit a record high in the first four month this year.
According to data compiled by Refinitiv, Chinese companies raised USD20.3 billion across 35 deals on Hong Kong Stock Exchange in the first four months of 2021, making the highest-ever IPO proceeds raised on the city’s stock exchange for the first four month of a year.
JD.com begun building up its own logistics and transportation network in 2007 and spun out the logistic unit in 2017. JD.com is the largest shareholder of JD logistics with a stake of 79%.
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