JD Health, the healthcare unit of Chinese e-commerce giant JD.com, raised $3.5 billion in a Hong Kong initial public offering (IPO), reports CNBC. The company offered 381.9 million shares at $9.11 per share or 70.58 Hong Kong dollars (HK$). The offer price was at the top end of the 62.8 HK$ to 70.58 HK$ marketed to investors.
- JD Health stocks are expected to start trading on December 8.
- The listing is a win for the Hong Kong stock exchange, which has witnessed more Chinese technology firms flocking to raise money.
- The IPO launch follows an accelerated push by other Chinese tech giants to invest in digital healthcare following the coronavirus outbreak earlier this year.
- In June, JD.com, which controls about 78% of JD Health, carried out a secondary listing in Hong Kong.
- JD Health generated 8.78 billion Yuan or $1.34 billion revenues in the six months ended June 30, up from 4.99 billion Yuan year over year.
JD.com Inc. stock is currently gaining. 9618: HKG is up 1.66%