FORTUNE — JD.com, China’s second-largest e-commerce company after Alibaba Group, priced its initial public offering at $19 per share late Thursday, raising $1.78 billion, according to news reports.
The company had previously planned for a price range of $16 to $18 per share for its sale of 93.7 million shares. The pricing values Beijing-based JD.com at roughly $25.7 billion before it begins trading Thursday on NASDAQ under the ticker symbol “JD.”
The company’s IPO is being closely monitored in the wake of this spring’s tech stocks sell-off that led some companies like online file storage service Box to postpone going public. The market is also hoping to gather some insight into how JD.com’s biggest rival in China, Alibaba, could fare when that company finally lists its shares sometime this summer. Alibaba filed its preliminary IPO papers earlier this month in what many predict could be one of the largest initial offerings ever.
JD.com shares have been in high demand, according to CNBC, which cited anonymous sources in reporting earlier today the company’s IPO was 15 times oversubscribed.
JD.com, which was founded in 1998, and launched an English version for global shoppers in 2012, is seen as a Chinese version of Amazon (AMZN) in that it offers everything from books and electronics to clothing, jewelry and sporting goods.