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By P.R. Venkat
Tencent-backed J&T International Specific is the newest logistics-related firm looking for to faucet traders’ urge for food in Hong Kong with a 3.92 billion Hong Kong greenback ($500.80 million) share providing.
The logistics service firm plans to promote 326.55 million shares at HK$12 every in an preliminary public providing, J&T International mentioned Monday.
This follows final month’s submitting for a public providing by Cainiao Sensible Logistics Community, Alibaba Group’s e-commerce logistics arm.
J&T International, which began operations in 2015 in Indonesia, now supplies specific supply providers in 13 nations, together with nations in Southeast Asia and Saudi Arabia, the United Arab Emirates, Mexico, Brazil, and Egypt.
The corporate’s income for the six months ended June was US$4.03 billion, rising 18.5% in contrast with the identical interval a yr earlier.
Aside from Tencent, a few of its pre-IPO traders embrace private-equity companies Hillhouse Capital and Sequoia Capital and Temasek, Singapore’s sovereign wealth fund.
J&T International expects shares to begin buying and selling on the Hong Kong change on Oct. 27.
The corporate plans to make use of the IPO’s proceeds to increase its logistics networks, together with tapping new markets, in addition to analysis and improvement.
Morgan Stanley, BofA Securities, and CICC are among the many banks appearing as joint sponsors for the IPO.
Write to P.R. Venkat at [email protected]
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