Chinese e-commerce platform JD.com Inc. raised $1.78 billion after its initial public offering in the United States. The price of the shares for the public debut rose above the marketed range.

JD.com has offers products similar to Amazon.com. Its IPO came after rival e-commerce giant Alibaba also filed an initial public offering of shares of common stock within the year.

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The Bloomberg data showed JD.com sold 93.7 million American depositary receipts at $19 per share piece. This was higher from the original offering of $16 to $18 per share. The Beijing based online retailer simultaneously offered shares to the largest Internet firm in Asia, Tencent Holdings Ltd valued $1.3 billion.

The shares would begin trading today on the Nasdaq under the trading symbol “JD”.

The public offer marks the biggest from a Chinese Internet firm listed in the United States, according to a Bloomberg data.
Digital researcher EMarketer Inc. projected that a 64 percent increase in revenue in China this year would be seen compared with the 12 percent revenue in the United States. This was after investors are looking to finance the growing technology sector in China.

The original offering price valued JD.com at $26 billion. This was 2.3 times up from the online retailer’s 2013 sales of $11.5 billion, reported Bloomberg. Meanwhile, JD.com has not posted its annual profit yet.

JD.com uses a direct online sales platform and handles its own e-commerce logistics unlike Alibaba that brings buyers and sellers alike.

The pricing of JD.com’s shares also made the company’s Chief Executive Officer Richard Qiangdong Liu a billionaire with his net worth valued more than $3 billion. Liu has 84 percent voting power in the company after the IPO, according to the company’s filing.

UBS AG and Bank of America Corp. were appointed as managers for the IPO.

TagsJD.com, Nasdaq, IPO, Bank of America, UBS AG