JD prices IPO shares

JD, China's second-largest e-commerce company behind Alibaba Group Holding, said it expected to price its IPO of American depositary shares (ADS) at $16-$18 each, valuing the company at up to $24.6 billion, Reuters reported over the weekend.

The company said the sale of 93.7 million ADS was expected to raise about $1.69 billion at the top end of the price range.

JD is offering 69 million ADS in the offering, while the rest is being offered by selling stockholders.

Earlier this week, Alibaba gave investors a closer look at the scale and growth of the Chinese e-commerce juggernaut in an IPO prospectus, the first step in what could be the largest technology debut in history.

JD.com and other web-based retailers operate in the sizeable shadow of Alibaba, which controls nearly 80 percent of China's Internet shopping market.