Indonesia’s J&T Express Weighing $1 Billion-Plus U.S. IPO

J&T Express, an Indonesian courier company, is considering a U.S. initial public offering that could raise more than $1 billion, according to people familiar with the matter.

The Jakarta-based company is working with advisers on the first-time share sale, which could take place as soon as the fourth quarter, the people said. An offering could value J&T Express at about $5 billion, said one of the people, who asked not to be identified as the information is private. The company is considering a new funding round after it recently raised $300 million, one of the people said.

J&T Express could potentially challenge telecommunications tower operator PT Indosat as the biggest U.S. listing by an Indonesian company, according to data compiled by Bloomberg. Indosat raised $1.05 billion in an IPO in 1994. If successful, J&T Express would also be the first Indonesian firm to list in New York since 2019.

Details of J&T Express’s IPO including size and timeline could still change as deliberations continue, the people said. A representative for J&T Express declined to comment.

Founded in 2015 by entrepreneurs Jet Lee and Tony Chen, J&T Express has since expanded into countries including Malaysia, Vietnam, Indonesia, Thailand, Singapore, Cambodia and China, according to its website. The courier has more than 350,000 employees and recently launched an air freighter in Tangerang.

J&T Express counts among its partners Indonesia’s e-commerce firms PT Tokopedia and Bukalapak.com and Shopee, a unit of Singapore-based Sea Ltd.

Demand for logistics and warehouses have been turbo-charged by the pandemic as customers increasingly switch to online shopping. Delivery service providers are particularly needed in Indonesia as its population of 267 million is spread across about 7,000 islands.

©2021 Bloomberg L.P.

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