JD.com Inc.’s IPO priced above expectations Wednesday selling 93.7 million American depositary shares for $19 a piece, raising $1.8 billion.
JD.com is set to open on the Nasdaq Stock Market Thursday under the symbol “JD.”
JD.com starts off life as U.S. stock amid strong investor skepticism when it comes to shares of fast-growing technology companies.
The Nasdaq Internet Index has tumbled 8% this year, on the heels of a 65% rally in 2013. Amazon.com Inc., JD.com’s U.S.-based peer, has seen shares slide 24% in 2014. The offering was slated to be the largest U.S. tech IPO since the November debut of Twitter Inc., which has seen its stock drop 50% year-to-date.
JD.com revenue rose 68% to 69 billion Chinese yuan in 2013-or $11.5 billion, though it hasn’t posted an annual profit since at least 2009.”
Shares in Chinese e-commerce company JD.com spiked in their market debut on Thursday, valuing the company at about $30.43 billion.
The stock opened at $21.75 on the Nasdaq, with heavy demand that may foreshadow investor appetite for larger peer Alibaba. The IPO was 15 times oversubscribed and priced above expectations.