Tencent Holdings (HKG:0700, OTC:TCEHY)-backed J&T Global Express is poised to launch a HK$3.92 billion (US$500.8 million) initial public offering (IPO) in Hong Kong, the company announced on Monday.
Offering 326.55 million shares at HK$12 each, this move mirrors the trend set by Cainiao Smart Logistics Network, Alibaba Group (NYSE:BABA)'s logistics arm, which filed for a public offering last month.
J&T Global Express, operating out of Indonesia since 2015, delivers express services in 13 countries, including Southeast Asian nations, Saudi Arabia, UAE, Mexico, Brazil and Egypt.
With revenues of US$4.03 billion for the first half of the year, marking an 18.5% growth from the previous year, the company plans to use IPO funds to expand its logistics networks, venture into new markets, and support research and development.
Apart from Tencent, one of the world’s largest companies, pre-IPO investors include private equity firms Hillhouse Capital and Sequoia Capital, along with Singapore's sovereign wealth fund, Temasek.
Shares are expected to trade on the Hong Kong exchange from 27 October, with joint sponsorship from banks like Morgan Stanley (NYSE:MS), BofA Securities and CICC.