(Adds valuation, listing details)
May 9 JD.com, China's second-largest e-commerce
company behind Alibaba Group Holding Ltd, said it expected to
price its initial public offering of American depositary shares
at $16-$18 each, valuing the company at up to $24.6 billion.
The company said the sale of 93.7 million ADS was expected
to raise about $1.69 billion at the top end of the price range.
JD.com is offering 69 million ADS in the offering, while the
rest is being offered by selling stockholders.
Earlier this week, Alibaba IPO-ALIB.N gave investors a
closer look at the scale and growth of the Chinese e-commerce
juggernaut in an IPO prospectus, the first step in what could be
the largest technology debut in history.
JD.com and other web-based retailers operate in the sizeable
shadow of Alibaba, which controls nearly 80 percent of China's
internet shopping market.
JD.com, earlier known as 360Buy, has raised $2.23 billion in
the past six years from investors including the Ontario
Teachers' Pension Plan and Saudi billionaire Prince Alwaleed bin
Talal's Kingdom Holding Co.
The company counts hedge fund Tiger Global Management and
DST Global funds among others among its top stakeholders.
JD.com, like a number of other Chinese companies listing in
the United States, relies on a little-tested legal structure
called "variable interest entity" that gives an investor
economic interest but no ownership.
The company plans to list its ADSs on the Nasdaq under the
Merrill Lynch, Pierce, Fenner & Smith and UBS Securities
are lead underwriters to the offering.
(Reporting By Neha Dimri in Bangalore; Editing by Joyjeet Das)