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By P.R. Venkat
Tencent-backed J&T World-wide Categorical is the hottest logistics-associated firm seeking to faucet investors’ hunger in Hong Kong with a 3.92 billion Hong Kong dollar ($500.80 million) share providing.
The logistics company business options to market 326.55 million shares at HK$12 each individual in an first community presenting, J&T Global claimed Monday.
This follows last month’s submitting for a community offering by Cainiao Wise Logistics Community, Alibaba Group’s e-commerce logistics arm.
J&T Global, which started off functions in 2015 in Indonesia, now gives categorical shipping and delivery solutions in 13 nations, including countries in Southeast Asia and Saudi Arabia, the United Arab Emirates, Mexico, Brazil, and Egypt.
The firm’s revenue for the 6 months finished June was US$4.03 billion, developing 18.5% in contrast with the same time period a yr earlier.
Aside from Tencent, some of its pre-IPO investors incorporate personal-equity companies Hillhouse Money and Sequoia Capital and Temasek, Singapore’s sovereign prosperity fund.
J&T Global expects shares to start out investing on the Hong Kong exchange on Oct. 27.
The organization programs to use the IPO’s proceeds to expand its logistics networks, including tapping new markets, as perfectly as analysis and improvement.
Morgan Stanley, BofA Securities, and CICC are among the financial institutions acting as joint sponsors for the IPO.
Publish to P.R. Venkat at [email protected]
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