J&T Express plans to raise $3.92b in Hong Kong IPO: report

The company will issue 362.5m shares.

J&T Express plans to raise $3.92b (USD$500m) in its Hong Kong initial public offering, Reuters reported.

The Indonesian courier services will issue 362.5m shares priced at $12.00 each. 

Citing J&T's IPO prospectus, Reuters said the company will have a market capitalisation of $105.75b (US$13.51b) "in line with the valuation achieved during its most recent private fundraising round in May."

"The IPO valuation is well below the $20 billion that J&T was valued at in a 2021 funding round," Reuters added.