JD Health,Chinese e-commerce giant JD.com’s telehealth unit, is set to raise HK$27.1 billion ($3.5 billion) after pricing its initial public offering at the top end of an estimate range, reported Caixin.
The offering of 381.9 million shares at HK$70.58 each will be the second-largest initial public offering (IPO) this year in Hong Kong, after only the HK$30.1 billion secondary listing by JD Health’s parent company in June. The stock starts official trading on Tuesday, said Caixin.
The offering attracted 846,200 retail investors, who subscribed for 420 times more than the shares allotted for retail investors. Institutional investors also showed enthusiasm, with 30 times oversubscription.
JD Health brought in six cornerstone investors that agreed to subscribe for as much as 148 million shares, including Singapore sovereign wealth fund GIC, Hillhouse Capital and BlackRock Inc.