Indonesian courier start-up J&T raises $2.5bn ahead of Hong Kong IPO, valued at $20bn

• Financial

J&T Express, an Indonesian logistics start-up that had been crowned the long-cherished south-east economy’s 'Top Brand Award' in less than five years after inception, has raised as much as $2.5 billion in a latest fundraising campaign, eventually valuing the company over a whopping $20 billion ahead of its planned IPO in Hang Seng which is expected to take place in the first quarter of 2022, at least three people familiar with the subject-matter had unveiled on condition of anonymity given an upscaled sensitive nature of the issue.

On top of that, a press agency report had quoted two of the sources as saying late on Tuesday that a consortium led by the Chinese gaming and internet giant, Tencent Holding alongside Boyu Capital and Hillhouse Capital Corp had flared up the J&T’s latest fundraising campaign, while the funding campaign also had lured in new investors such as SIG China, the Chinese wing of American proprietary trading and broker-dealer firm Susquehanna International Group.

J&T raises $2.5 billion ahead of its planned IPO

In point of fact, latest funding campaign of J&T came forth just weeks before its debut in Hang Seng as beforementioned, while the Indonesian logistic start-up, founded back in the 2015s by a Tony Chen, would look to raise as many as $1 billion in IPO proceedings, unveiled one of the sources.

Nevertheless, another source was quoted saying that J&T would highly likely to capitalize on the fresh influx of capital to stretch out its footprints across China and Latin America apart from boosting up its public market floatation in Hong Kong.

Back in April this year, J&T raises about $1.8 billion in a fundraising campaign led by Boyu and Hillhouse, valuing the company at $7.8 billion.