FORTUNE -- A day after pricing shares for its initial public offering above expectations, Chinese online retailer JD.com's (jd) share price was lately well above its $19 pricing on the company's first day on the Nasdaq market.
China's second-largest e-commerce company after Alibaba Group was up some 10% Thursday afternoon at more than $21 per share. The shares were selling at $22.50 at one point in early trading, a boost of nearly 20%.
The company priced shares for its IPO at $19 a piece after the markets closed Wednesday, raising $1.78 billion on the sale of 93.7 million shares. JD.com, which is now valued at more than $25 billion, originally named a price range of $16 to $18 for its IPO.
The Beijing-based company's shares have clearly been in high demand, with CNBC reporting Wednesday that the JD.com IPO was nearly 15 times oversubscribed.
JD.com's launch should add fuel to the fire as far as expectations for Alibaba's own pending IPO are concerned. Alibaba filed its preliminary IPO papers earlier this month and its shares are expected to hit the market sometime this summer in what many expect to be one of the largest tech IPOs ever.
JD.com's successful debut is also a good sign for the market after spring's global tech stock sell-off convinced some tech companies to postpone plans to go public. It should also be a boon to Chinese companies thinking of testing the market. A few weeks ago Hong Kong pork company WH Group scrapped IPO plans due to lack of interest and market volatility.