KONTAN.CO.ID - HONG KONG/SINGAPORE. Courier startup J&T Global Express, which mainly operates in Southeast Asia and China, will launch a Hong Kong initial public offering on Monday that will value it at about $13 billion, three people with direct knowledge of the matter said. The valuation is lower than the $20 billion J&T achieved in a 2021 funding round, but in line with the amount achieved during its most recent funding round in May, the sources said. All three sources declined to be named as the IPO details remain confidential. J&T did not immediately respond to a request for comment.
Baca Juga: Governments Repatriate Citizens from Israel The company, which started out in Indonesia and has since expanded across Southeast Asia and China, is seeking to raise $500 million in the IPO, half of what it had hoped to raise before it downgraded the amount after talks with investors, one of the sources said, saying that the market sentiment was "pessimistic". Chinese courier giant S.F. Holding bought 26.14 million shares, or 1.54%, in J&T's most recent funding round, according to J&T's IPO filings lodged with the Hong Kong Stock Exchange. J&T raised $2.5 billion in 2021 from investors including Boyu Capital, Hillhouse Capital Group and Sequoia Capital China and Chinese gaming and internet giant Tencent Holdings , Reuters has reported, citing people familiar with the matter. Weak consumer sentiment globally has meant a drop in sales at many of J&T's biggest e-commerce clients since the pandemic drove a surge in online shopping. These include Sea Ltd's platform Shopee, which went on a stringent cost-cutting drive that impacted suppliers. Baca Juga: Oil Falls Further on US Stock Build, Easing Supply Concerns
