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InvestmentsIndonesian courier startup J&T raises $2.5 billion ahead of Hong Kong IPO

Indonesian courier startup J&T raises $2.5 billion ahead of Hong Kong IPO


© Reuters.

By Kane Wu, Fanny Potkin and Scott Murdoch

HONG KONG (Reuters) – Indonesian courier startup J&T Express has raised $2.5 billion in a funding spherical at a valuation of $20 billion, ahead of its plan to listing in Hong Kong as quickly as the primary quarter of subsequent yr, three individuals aware of the matter informed Reuters.

J&T’s predominant backers — Boyu Capital, Hillhouse Capital Group and Sequoia Capital China — and Chinese gaming and web big Tencent Holdings (OTC:) have been amongst buyers within the newest fundraising, mentioned two of the individuals.

The funding spherical additionally attracted new buyers together with SIG China, the Chinese funding arm of proprietary buying and selling and broker-dealer agency Susquehanna International Group, mentioned one of them.

The fundraising by J&T comes because it seeks to develop in China and Latin America, moreover itemizing in Hong Kong.

J&T, Boyu, Hillhouse and SIG China didn’t reply to a Reuters request for remark. Sequoia China and Tencent declined to remark.

The individuals declined to be named as the knowledge is confidential.

J&T is aiming to lift $1 billion through the Hong Kong float, one of the individuals mentioned. It has mandated Bank of America (NYSE:), China International Capital Corp and Morgan Stanley (NYSE:) for the deliberate IPO, the individuals mentioned.

The banks declined to remark.

J&T was launched in 2015 by two senior executives of Chinese smartphone maker Oppo. The funders used their expertise in distribution to construct up a large logistics community throughout Southeast Asia concentrating on the booming e-commerce enterprise.

The firm entered China in 2020, and it competes with companies together with S.F. Holding, ZTO Express (NYSE:) and the in-house logistics networks of e-commerce giants Alibaba (NYSE:) Group and JD (NASDAQ:).com in that market.

It will be capable of reinforce its presence on the earth’s second largest financial system as soon as it completes a $1.1 billion acquisition of the categorical supply enterprise of native agency BEST (NYSE:) Inc, which was introduced in late October.

The agency can also be eyeing enlargement in Latin America and is in talks to work with Southeast Asian e-commerce agency Shopee, a high shopper, mentioned two extra sources.

J&T and Shopee didn’t instantly reply to requests for remark.

J&T in April raised $1.8 billion, led by Boyu and joined by Sequoia and Hillhouse, at a post-money valuation of $7.8 billion, Reuters beforehand reported.

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