Finally! Indonesian logistics service provider J&T Express was officially listed on the Main Board of the Hong Kong Stock Exchange last Friday.

It raised a net proceed of HK $3.53B (~$450M). Oh, and the public offer price was HK $12 ($1.53) per share, but it slightly dipped 1.33% to HK $11.84 ($1.51) after opening.

• The firm offered 326.5M shares in total.
• It’s the second largest listing in HK after ZJLD Group, a premium Chinese liquor brand.

They’re going to use the $$$ to expand their logistics network, improve existing infrastructure, and strengthen their sorting and warehousing capabilities in SEA and beyond.

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🔼 How we got here

J&T Express’ IPO dreams have been a long (and storied) journey. The company initially considered a $1B US listing in 2021, working on the deal with Bank of America, CICC, and Morgan Stanley.

• But according to a Reuters report the deal fell through following investor talks and “pessimistic market sentiment”.

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🏍️ More on J&T Express

Founded in 2015, J&T Express expanded to Vietnam, Malaysia, the Philippines, Thailand, Singapore, and Cambodia, before launching in China.

In early 2022, they expanded to Saudi Arabia, UAE then Latin America.

Some of their investors include Tencent, Sequoia Capital, Boyu Capital, SF Express, and Temasek.

• In 2021, they raised $2.5B in pre-IPO funding.