[Update: On Wednesday night, JD.com priced its initial shares at $19 each, above analysts' forecast, underwriters said. The company will trade shares on the Nasdaq under the ticker JD. The IPO raised $1.78 billion from the sale of 93.7 million American Depositary Shares.]
The initial public offering of Chinese e-commerce company JD.com is about 15 times oversubscribed, according to people familiar with the matter.
JD had planned to raise up to $1.7 billion and by pricing the shares in a range of $16 to $18, according to a prospectus. They will begin trading on the Nasdaq on Thursday. A spokesman for the company declined to comment.
The strong demand for JD comes after many new issues have stumbled in recent weeks amid a selloff in companies across the technology sector. JD is also closely watched because its IPO comes ahead of Alibaba, which filed its prospectus last week and is expected to begin trading in New York this summer.