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JD.com shares soar nearly 10% in market debut

Shares in Chinese e-commerce company JD.com spiked in their market debut on Thursday, valuing the company at about $30.43 billion.

The stock opened at $21.75 on the Nasdaq, with heavy demand that may foreshadow investor appetite for larger peer Alibaba. The IPO was 15 times oversubscribed and priced above expectations.

Shares were up nearly 20 percent before easing off their highs. Click here to track JD.com's latest quotes

JD.com's offering of American Depositary Shares raised $1.78 billion after being priced at $19 each, above the expected range of $16 to $18.

"I think investors do realize the strength of JD.com's business model. So [the IPO] has been well received," said CFO Sidney Huang in an interview on CNBC.

While Alibaba looks much like the eBay of China, JD more closely resembles Amazon. JD also has a small but growing online marketplace that matches buyers and sellers, similar to Alibaba's main operations.

According to Sanford C. Bernstein & Co., Alibaba's marketplace division had over $250 billion in gross merchandise value in 2013. JD, meanwhile, says it had $5.3 billion in gross merchandise value from its online marketplace division.

BofA Merrill Lynch was the lead underwriter on the deal,which has a total of nine other advisors, including UBS.

—CNBC.com's John Jannarone contributed to this report