JD.com hopes to raise $1.5 billion in IPO
JD. com, China’s secondbiggest electronic commerce company, filed to raise $1.5 billion in a US initial public offering that would be the largest by a Chinese Internet company, reflecting China’s booming online retail market.
Formerly known as 360buy Jingdong Inc and backed by Saudi billionaire Prince Alwaleed bin Talal, JD.com is said to be trying to hold its IPO in the US ahead of rival and market leader Alibaba Group Holding Ltd. Alibaba has not yet announced plans for a US IPO. If it were to go public this year as expected, the offering would be the biggest since Facebook Inc’s 2012 deal.
JD.com, founded in 1998 as Jingdong Century Trading Co, is reaping the benefits of the boom. It said in December it would top its 2013 sales target of 100 billion yuan ($16.5 billion). (Photo 1)