Alibaba Rival JD.com to be Valued at Up To $24.6 Billion in IPO

JD.com, China's second-largest e-commerce company behind Alibaba Group Holding Ltd, said it expected to price its initial public offering (IPO) of American depositary shares (ADS) at $16-$18 each, valuing the company at up to $24.6 billion.. . The company said the sale of 93.7 million ADS was expected to raise about $1.69 billion at the top end of the price range. . . JD.com is offering 69 million ADS in the offering, while the rest is being offered by selling stockholders.. Earlier this week, Alibaba gave investors a closer look at the scale and growth of the Chinese e-commerce juggernaut in an IPO prospectus, the first step in what could be the largest technology debut in history.. . JD.com and other web-based retailers operate in the sizeable shadow of Alibaba, which controls nearly 80 per cent of China's internet shopping market.. . JD.com, earlier known as 360Buy, has raised $2.23 billion in the past six years from investors including the Ontario Teachers' Pension Plan and Saudi billionaire Prince Alwaleed bin Talal's Kingdom Holding Co.. . The company counts hedge fund Tiger Global Management and DST Global funds among others among its top stakeholders.. . JD.com, like a number of other Chinese companies listing in the United States, relies on a little-tested legal structure called "variable interest entity" that gives an investor economic interest but no ownership.. . The company plans to list its ADSs on the Nasdaq under the symbol "JD".. Merrill Lynch, Pierce, Fenner & Smith and UBS Securities are lead underwriters to the offering.. . Copyright @ Thomson Reuters 2013

Alibaba Rival JD.com to be Valued at Up To $24.6 Billion in IPO

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