Shares in JD Health, the healthcare unit of Chinese ecommerce group JD.com, jumped as much as 53 per cent on their trading debut after the company raised $3.5bn in Hong Kong’s biggest initial public offering of 2020.
The company, which sells pharmaceuticals and health services online, trimmed those gains slightly to trade 49 per cent higher in late-morning trading on Tuesday.
Demand from investors for shares in JD Health heavily outstripped supply. The company sold 339.9m shares at HK$70.58 ($9.11) each, or slightly more than 12 per cent of its share capital, according to a term sheet. That gives the company a valuation of nearly $29bn.
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