JD.com raises $1.8bn after pricing US IPO

The largest ever US stock market listing by a Chinese company sets marker for Alibaba.

Online retailer JD.com raised $1.8 billion after pricing its IPO following the US close on Wednesday, the largest ever US stock market listing by a Chinese company.

Its 93.7 million American Depository Receipt deal was priced at $19 per unit, exceeding expectations and surpassing the initial $16 to $18 range.

Pre-greenshoe, the group offered 6.9% of its enlarged share capital with a split of 74% primary shares and 26% secondary shares.

The institutional book is said to have closed 15 times oversubscribed, with strong demand from long-only institutional investors, technology-focused funds and sovereign wealth funds, a banker close to the deal told Finance...

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