- JD.com, China's second-biggest e-commerce firm behind Alibaba, is looking to sell 93.7M shares (69M from the company, 24.7M from existing holders) in a range of $16-$18. At the midpoint of its range, JD would be raising $1.17B, and have a valuation of $23.2B (2x trailing sales). (prospectus)
- The company will trade under the symbol JD. IPO underwriters include BofA/Merrill, UBS, Barclays, Jefferies, Oppenheimer, Piper, SunTrust, and Cowen.
- JD.com had 2013 revenue of $11.45B (+68% Y/Y), and a net loss of $8M. Gross margin was 9.9%, and fulfillment spend accounted for 6% of revenue.
- A Tencent (TCEHY) affiliate owns a 14.3% stake going into the IPO. The company recently invested $214.7M in JD, while also agreeing to transfer multiple e-commerce properties and forming an alliance that covers payments integration for its WeChat mobile messaging platform.
- Founder Richard Liu remains JD's largest shareholder, and will have 83.7% voting power post-IPO. Hedge fund Tiger Global also has a big stake.
- JD kicked off its IPO roadshow today, six days after Alibaba filed for an IPO. The FT reports JD has already received enough orders to cover its books.
- Previous: JD.com files for $1.5B IPO
JD.com sets IPO price range, aims for ~$23B valuation
From other sites
at CNBC.com (Jan 16, 2015)
at CNBC.com (Jan 9, 2015)
at CNBC.com (Jan 6, 2015)
at CNBC.com (Nov 16, 2014)
at CNBC.com (Nov 14, 2014)
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