(Yicai Global) May 27 -- JD Logistics, the delivery arm of Chinese e-commerce giant JD.Com, seeks to raise as much as HKD27.74 billion (USD3.6 billion) from its Hong Kong initial public offering tomorrow.

The headline figure includes a greenshoe option but without it, the sum would be about HKD24.11 billion, according to the Beijing-based firm's regulatory filing published today. It will list on the bourse's main board.

The IPO price is HKD40.36 (USD5.20) apiece, standing in the middle of its range of HKD39.36 to HKD43.36. SoftBank, Temasek, Tiger Global, and China Structural Reform Fund are some of the IPO-hopeful's cornerstone investors.

JD Logistics is the second unit JD.Com has spun off for a listing in the past six months. JD Health International raised over HKD30 billion in Hong Kong in December after its greenshoe option.

The proceeds of the courier and warehousing unit's listing will mainly be used for network expansion, involving technology upgrades regarding automation, data analysis, and algorithms, as well as supply chain solutions, over the next 12 to 36 months, the company said on May 2.

JD Logistics has been reporting rising income. In the first quarter, revenue jumped 64 percent to CNY22.4 billion (USD3.5 billion) from a year earlier, according to its earnings report. But gross profit dropped nearly 74 percent to CNY230 million (USD36 million) amid its widening expenses and changes in the fair value of convertible redeemable preferred shares.

In 2020, JD Logistics made a net profit of CNY1.7 billion (USD266.4 million) after reporting a net loss of CNY900 million in 2019. Revenue surged by 47 percent to CNY73.4 billion.

Editor: Emmi Laine, Xiao Yi