Goodwin Procter recently advised clients DST Global, Sequoia Capital and Hillhouse Capital Management as selling shareholders in JD.com’s $1.78 billion initial public offering. The offering included 93,685,620 American Depositary Shares priced at $19.00 per share. Shares began trading on Nasdaq on May 22 under ticker symbol “JD.”
BofA Merrill Lynch and UBS Investment Bank acted as joint global coordinators and lead joint bookrunners for the offering. The joint bookrunners also include Allen & Company LLC, Barclays, China Renaissance and Jefferies. The co-managers of the offering are Oppenheimer & Co, Piper Jaffray, SunTrust Robinson Humphrey and Cowen and Company.
JD.com, Inc. is China’s largest online direct sales company. As of March 31, 2014, JD.com offered approximately 40.2 million SKUs across 13 categories of products and operated 7 fulfilment centers and a total of 86 warehouses with an aggregate gross floor area of approximately 1.5 million square meters in 36 cities. In addition, the company had 1,620 delivery stations and 214 pickup stations in 495 cities across China, staffed by its own employees.
Goodwin previously represented DST Global and Sequoia Capital in connection with their initial investments in JD.com, previously called 360buy.com.
The team advising DST, Sequoia and Hillhouse was led by Hong Kong partner Yash Rana.
Additional information about the IPO is available in the company’s press release. Media coverage surrounding the offering included articles in The New York Times, Wall Street Journal, and Forbes, among others.