JD.com (HKG:9618) unit JD Industrials refiled documents Monday for an initial public offering in Hong Kong after its first filing in 2023 did not materialize due to a lukewarm market, according to a South China Morning Post report on Monday.
The company is China's largest industrial supply chain technology and service provider by gross merchandise value, the report said.
JD Industrials did not mention yet how much it intends to raise in this IPO, but previous reports by the SCMP said it could raise as much as $1 billion.
It plans to use the proceeds from its planned IPO to boost its industrial supply chain capabilities for the next 48 to 60 months, drive business expansion across geographies, fund mergers and acquisitions, and general corporate purposes and working capital, the publication added.
Merrill Lynch (Asia-Pacific), Goldman Sachs (Asia), and Haitong International Capital are the joint sponsors, while CITIC Securities (Hong Kong) and UBS Hong Kong are the financial advisers for the offering, SCMP said.
JD.com shares soared 15% recently.
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