JD.com, a Beijing-based e-commerce website that sells everything from LED light bulbs and cross-body bags and to cell phones and pre-packaged dumplings, exceeded expectations for its initial public offering on Wednesday.
The company, which is China’s second-largest online retailer, sold 93.7 million American depositary shares at $19 each, which raised $1.78 billion, according to the New York Times. Though JD.com has lost money the past few years, its stock sale valued the company at $25.7 billion, a valuation even greater than Twitter’s at its market debut last fall, the Times reported.
— Bien Perez (@BienPerez) May 22, 2014
Initially, the shares were thought to go for anywhere from $16 to $18 each, the Wall Street Journal reports.
This was a much anticipated IPO as American investors have become increasingly interested in Chinese online companies. According to the Wall Street Journal, some investors saw JD.com’s IPO as a kind of test case for the highly anticipated debut of Alibaba Group Holding Ltd. That company owns alibaba.com, an online retailer where one can purchase all sorts of merchandise.
JD.com will begin trading on the NASDAQ Thursday.