JST Group raises $1.94b in Hong Kong IPO

The public offer was oversubscribed nearly 2,000 times as trading begins 21 October.

E-commerce software provider JST Group Corporation Limited raised $1.94b from its Hong Kong initial public offering (IPO), pricing shares at $30.60 each, the company said in a media release.

The company offered 68.17 million shares, including 6.82 million for the Hong Kong public and 61.35 million for international investors. The retail tranche was oversubscribed 1,953 times, whilst the international placement drew 22.9 times demand. An over-allotment option of up to 10.22 million shares may be exercised to stabilise the share price, the company said.

The IPO gives JST a market value of about $13b and adds momentum to Hong Kong’s recovering listings market this quarter. JST develops software that enables online sellers to manage sales, inventory, and payments across e-commerce platforms.

Founder and CEO Luo Haidong retains a 39% stake, whilst the public float stands at 60.6%, above listing requirements. Thirteen cornerstone investors subscribed for 33.06 million shares, or 48.5% of the total offer, including Blue Lake Capital, China Universal Asset Management, and Dymon Asia. Their shares are locked up until 20 April 2026, the company said.