Courier J&T Global Express could raise as much as US$520 million from Hong Kong IPO after offering oversubscribed

J&T Global Express gets orders for 1.4 times the shares set aside for local buyers, and 1.9 times the shares reserved for offshore buyers after pricing them at HK$12 apiece

The IPO is the second largest fundraiser in the city for the year thus far behind China’s fourth-largest baijiu distiller ZJLD Group’s HK$5.3 billion raising

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J&T Express fleet in Vietnam. Photo: J&T Express

Published: 8:01pm, 26 Oct 2023

J&T Global Express, an Asian courier service group based in Shanghai, could raise as much as HK$4.1 billion (US$520 million) from its initial public offering (IPO) after orders from investors exceeded the shares offered for sale.

The company said it will receive HK$3.53 billion from the sale of 32.7 million shares to investors in Hong Kong, and from the 293.9 million shares that global investors will take up, according to an exchange filing on Thursday.

It received applications for 1.4 times the shares set aside for local buyers, and for 1.9 times the shares it had reserved for offshore buyers, it added. The shares were priced at HK$12 apiece.

The courier company could receive a further HK$567 million from an overallotment option of about 49 million shares to meet the demand from global investors, it said. The extra allocation option has not been exercised for now, it added.

The stock is set to begin trade in Hong Kong on October 27, under the stock code 1519.

A J&T signage in Beixiazhu Village in Yiwu, Zhejiang, which is on the frontier of a bloody price war of delivery services. Photo: Tracy Qu

J&T was established in Jakarta in 2015 by entrepreneurs Tony Chen Mingyong, founder and chief executive of Chinese smartphone maker Oppo, and Jet Li Jie, who serves as chairman and chief executive of the courier company.