JD.com, the largest online direct sales company in China by transaction volume, announced terms for its IPO on Friday. The Beijing, China-based company plans to raise $1.6 billion by offering 93.7 million shares (26% insider) at a price range of $16 to $18. At the midpoint of the proposed range, it would command a fully diluted market value of $23 billion.
JD.com, which was founded in 2004 and booked $11.4 billion in sales for the fiscal year ended December 31, 2013, plans to list on the NASDAQ under the symbol JD. BofA Merrill Lynch, UBS Investment Bank, Allen & Company, Barclays, China Renaissance and Jefferies are the joint bookrunners on the deal. It is expected to price the week of May 19, 2014.
