BRIEF: JST jumps in Hong Kong trading debut
Shares of e-commerce software as a service (SaaS) enterprise resource planning (ERP) provider JST Group Co. Ltd. (6687.HK) opened 24.2% higher in their Hong Kong trading debut on Tuesday, and retained the gains to close up 24.05% at HK$37.96 by the midday break.
The company sold 68.2 million shares for HK$30.60 each, raising HK$1.94 billion ($250 million) in net proceeds. The Hong Kong public offering was oversubscribed by nearly 2,000 times, while the international placement was 21.9 times oversubscribed.
Founded in 2014 and headquartered in Shanghai, JST is China’s largest e-commerce SaaS ERP provider, with 24.4% of the market, according to third-party market data in its prospectus. Proceeds from the IPO will be used for R&D, sales and marketing, strategic investments, and for general corporate purposes.
By Lee Shih Ta
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