May 22 Shares of JD.com, China's
second-largest e-commerce company after Alibaba Group Holding
Ltd, rose as much as 17.2 percent in their market debut on
Thursday, valuing the company at about $30.43 billion.
JD.com's debut - the biggest listing of a Chinese company on
a U.S. exchange - is being closely watched for clues on how Wall
Street will greet Alibaba's IPO later this year.
Alibaba's IPO is expected to be the biggest by a tech
company in history.
JD.com's offering of American Depositary Shares raised $1.78
billion after being priced at $19 each, above the expected range
of $16 to $18.
The company's shares touched a high of $22.26 after opening
at $21.75 on the Nasdaq.
JD.com, which has yet to make a profit, is backed by Saudi
billionaire Prince Alwaleed bin Talal's Kingdom Holding Co
BofA Merrill Lynch and UBS Investment Bank were the lead
underwriters of the offering.
(Reporting by Tanya Agrawal in Bangalore; Editing by Ted Kerr)