Courier J&T International Categorical may elevate up to US$520 million from Hong Kong IPO upcoming providing oversubscribed newsfragment

J&T International Categorical, an Asian courier carrier staff based totally in Shanghai, may elevate up to HK$4.1 billion (US$520 million) from its preliminary family providing (IPO) upcoming orders from traders exceeded the stocks introduced on the market.

The corporate mentioned it’ll obtain HK$3.53 billion from the sale of 32.7 million stocks to traders in Hong Kong, and from the 293.9 million stocks that world traders will take in, consistent with an change submitting on Thursday.

It won programs for 1.4 occasions the stocks put aside for native consumers, and for 1.9 occasions the stocks it had reserved for offshore consumers, it added. The stocks had been priced at HK$12 apiece.

The courier corporate may obtain an additional HK$567 million from an overallotment choice of about 49 million stocks to fulfill the call for from world traders, it mentioned. The excess allocation choice has no longer been exercised for now, it added.

The accumulation is about to start out deal Hong Kong on October 27, underneath the accumulation code 1519.

A J&T signage in Beixiazhu Village in Yiwu, Zhejiang, which is at the frontier of a bloody price competition of supply services and products. Photograph: Tracy Qu
J&T was once established in Jakarta in 2015 by means of marketers Tony Chen Mingyong, founder and well-known government of Chinese language smartphone maker Oppo, and Jet Li Jie, who serves as chairman and well-known government of the courier corporate.

The corporate positions itself as a cheap carrier supplier and was once the manage categorical supply operator in 2022 in Southeast Asia, the place it held 22.5 in keeping with cent proportion of the marketplace when it comes to parcel quantity, consistent with Frost & Sullivan.

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The courier, whose Chinese language identify Jitu way “speedy rabbit”, predominantly operates in China and Southeast Asia, and has additionally expanded to Saudi Arabia, the United Arab Emirates, Mexico and Brazil.

Morgan Stanley Asia, Warehouse of The united states Securities and China World Capital Corp Hong Kong Securities are the total coordinators of its Hong Kong IPO.

The proceeds can be impaired to extend the corporate’s logistics community and locker functions in Southeast Asia, the corporate mentioned in its prospectus. About one 3rd of the cash raised will exit against investment expansions into pristine markets, week any other 3rd will exit towards analysis and building.

Cornerstone traders who had subscribed to 39.9 in keeping with cent of overall stocks on deal, come with Tencent, SF Categorical, Sequoia Capital, D1 Capital, Boyu, Aspex, Hillhouse, Temasek and GLP.

Dahlia Investments, one of the vital traders, is a wholly-owned subsidiary of Temasek, which is an fairness shareholder of DBS Asia, one of the vital underwriting banks. As such, Dahlia is a consumer of DBS Asia, due to this fact J&T has carried out and has been granted permission by means of the accumulation change to permit Dahlia to soak up stocks.

The IPO is the second one biggest fundraiser within the town for the occasion up to now. Previous this occasion, China’s fourth-largest baijiu distiller ZJLD Team raised HK$5.3 billion, by means of the town’s largest providing this occasion.

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