Indonesia’s J&T Express Aims For Hong Kong IPO, Might Raise $2 Billion

J&T Express, an Indonesian delivery company, plans to go public in Hong Kong in the second half of this year with an initial offering that could aim to raise up to $2 billion, Reuters reported on Friday, citing people familiar with the matter.

The logistics company had plans for an initial public offering last year, but shelved them due to volatile market conditions. Reuters said J&T Express hopes to sell 10% its shares.

J&T Express did not reply immediately reply to requests from Forbes Asia for comment.

If the IPO goes ahead, it could be one of the biggest listings on the Hong Kong Stock Exchange this year. Last year’s biggest IPO was for the China Tourism Group Duty Free Corporation, which raised $2.1 billion in August.

According to research by PwC in December, the Hong Kong Stock Exchange is expected to have more than 100 new listings this year, which are projected to raise up to $25.6 billion.

In February 2022, J&T Express raised $2 billion from a group of investors including Temasek, Boyu Capital, and Sequoia Capital China. The fundraising also attracted he Chinese investment unit of Susquehanna International Group, and Hidden Hill Capital, the private equity platform in China of logistics-focused investment manager GLP.

J&T was founded in Indonesia in 2015 by Jet Lee, who previously was the CEO of Oppo Indonesia, a smartphone manufacturer, and Oppo founder Tony Chen. The company network has expanded to 13 countries, including Vietnam, Malaysia, and Thailand. It also entered the Chinese market after paying $1.1 billion to acquire Best Inc, a courier company.