© Reuters.
J&T Global Express Ltd., an Indonesian courier company, is set to raise HK$3.92 billion ($501 million) in a Hong Kong initial public offering (IPO), making it the city’s second-largest IPO this year. The move follows ZJLD Group Inc.’s $676 million listing in April 2023.
The share sale, approved by the Hong Kong Exchanges and Clearing (HKEX), will involve the selling of 326.6 million shares at HK$12 each until Wednesday. The listing is scheduled for October 27, 2023.
This significant financial move comes amidst a challenging climate for new share sales in Hong Kong, which have seen an 80% drop. Despite this downturn, cornerstone investors including Tencent Holdings (OTC:), SF Express, and Temasek have committed $200 million to J&T Global Express’s IPO.
Morgan Stanley, Bank of America Corp (NYSE:)., and China International Capital Corp. are arranging the IPO, which is being closely monitored by competitors such as Alibaba (NYSE:)’s Cainiao Smart Logistics Network Ltd.
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