Shares in Chinese e-commerce company JD.com spiked in their market debut on Thursday, valuing the company at about $30.43 billion.
The stock opened at $21.75 on the Nasdaq, with heavy demand that may foreshadow investor appetite for larger peer Alibaba. The IPO was 15 times oversubscribed and priced above expectations.
Shares were up nearly 20 percent before easing off their highs. Click here to track JD.com’s latest quotes
JD.com’s offering of American Depositary Shares raised $1.78 billion after being priced at $19 each, above the expected range of $16 to $18.
“I think investors do realize the strength of JD.com’s business model. So [the IPO] has been well received,” said CFO Sidney Huang in an interview on CNBC.