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apple developer enterprise account for rent( J&T Express raising over US$2bil ahead of IPO - sources


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SINGAPORE (Reuters) - Indonesian courier startup J&T Express is in talks with investors to raise more than US$2 billion ahead of a Hong Kong initial public offering (IPO), and is looking to expand in Latin America, three people with knowledge of the matter told Reuters.

The logistics firm is seeking to hit a US$20 billion valuation with the US$2-2.5 billion fundraising round that is expected to be finalised in the coming weeks, and attract Tencent Holdings among other investors, the sources said.

Existing J&T investors Boyu Capital, Hillhouse and Sequoia Capital China are also looking to join the round, which will more than double the company's valuation from a previous round that closed in April.

J&T at the time raised US$1.8 billion, led by Boyu and joined by Sequoia and Hillhouse at a post-money valuation of US$7.8 billion, said one of the three and a separate source.

J&T and Hillhouse did not answer requests for comment. Tencent, Sequoia and Boyu declined to comment.

The courier company plans to list in Hong Kong next year, said the sources, who declined to be named as the information is confidential.

J&T was launched in 2015 in Indonesia by two senior executives of Chinese smartphone manufacturer Oppo, who used their experience in distribution to build up a massive logistics network across Southeast Asia targeting the region's booming e-commerce players.

The company entered China in 2020, and competes with local rivals such as S.F. Holding, ZTO Express and the in-house logistics networks of e-commerce giants Alibaba Group and

Two of the sources said that J&T, whose business was buoyed by a pandemic-induced home delivery boom, is now preparing to launch in Latin America, where Southeast Asian e-commerce firm Shopee, a top client, has quickly expanded since its foray two years ago.

Analysts say J&T's experience in serving smaller cities in Southeast Asia and China should help it grow in Latin America and serve both existing clients like Shopee and Chinese companies seeking broader global exposure.

"J&T is building a UPS/DHL-like global infrastructure which is catered towards booming e-commerce," advisory firm Momentum Works' Chief Executive Officer Jianggan Li said.

"The fact that they first proved their business in Southeast Asia gives them a key advantage over Chinese companies in managing cross cultural organisation and operations effectively."(Reporting by Fanny Potkin in Singapore and Kane Wu in Hong Kong; additional reporting by Julie Zhu in Hong Kong; Editing by Sumeet Chatterjee and Emelia Sithole-Matarise)



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