JD Logistics, the logistics arm of China’s largest online retailer, JD.com, has raised $3.2 billion in an IPO after pricing its shares at the lower half of an indicative range, according to various news reports.
The company began trading its shares on the Hong Kong Exchange on May 28.
According to CNBC, shares surged more than 18 percent after opening at HK$46.05 ($5.93); the IPO was originally priced at HK$40.36 ($5.20) per share.
JD Logistics is planning to use the funds to invest in its logistics network and infrastructure. The company is also planning to expand into less developed parts of China and build up an international logistics business.
