JD.com, one of China’s largest technology companies, will sell up to $4.3 billion in shares as it returns home to Hong Kong in what is likely to be one of the largest public offerings this year, reported the Financial Times.
The online retail giant began placing shares with institutional investors on Friday, offering 133 million shares that would raise $3.8 billion based on the last closing price of JD.com’s US-listed shares, according to a term sheet seen by the Financial Times.
The sale could increase to $4.3 billion if bankers execute a green shoe option to increase the allotment to meet demand. The company is set to list in Hong Kong on June 18, the same day as its annual shopping bonanza.
JD.com’s shares currently trade on New York’s Nasdaq but it is among several Chinese companies that are carrying out plans to return to markets closer to home after fears of growing US-China hostilities.