JD.com, China’s largest online direct sales retailer and second largest B2C e-commerce company with more than $20 billion in gross merchandise volume (GMV), raised $1.8 billion by offering 93.7 million ADSs at $19, above the $16 to $18 range. JD.com raised 12% more proceeds than expected and, at its offer price, now commands a fully diluted market cap of $27.3 billion and an enterprise value of $22.6 billion. Tencent, which has entered into a strategic partnership with JD.com, invested $1.3 billion in a concurrent private placement at the IPO price and now owns a 20% stake. JD.com will list on the NASDAQ under the symbol JD. BofA Merrill Lynch, UBS Investment Bank, Allen & Company, Barclays, China Renaissance and Jefferies acted as joint bookrunners on the deal.
