JD Logistics US$3.5b IPO draws SoftBank, Temasek

[BEIJING] JD Logistics has attracted SoftBank Vision Fund and Temasek Holdings Pte as cornerstone investors in its Hong Kong initial public offering, people with knowledge of the matter said, as the warehousing and shipping firm is set to kick off one of the year's biggest share sales in the city.

Blackstone Group and Tiger Global also committed to buy stock in the offering, the people said, asking not to be identified because the information is private.

SoftBank Vision Fund is set to invest US$600 million in the offering, accounting for 40 per cent of the US$1.5 billion worth of shares the company has set aside for about seven cornerstone investors, the people said. That would make the prolific investor one of the largest shareholders in the company after its parent, JD.com.

Temasek is signing up to buy US220 million worth of stock, the people said. China Chengtong Holdings Group, Matthews Asia and Oaktree Capital have also agreed to purchase shares, they said.

JD Logistics is targeting to raise as much as US$3.5 billion in the first-time share sale and is set to start taking orders as soon as next week, the people said. It would be the second-largest IPO in the city this year, after Kuaishou Technology's US$6.2 billion listing in February.

BLOOMBERG