JD Inc’s supply-chain technology unit raised HK$2.98 billion ($383 million) after pricing its Hong Kong initial public offering in the middle of the marketed range, according to people familiar with the matter.

Jingdong Industrials Inc sold 211.2 million shares at HK$14.1 apiece, the people said, asking not to be identified because they aren’t authorized to speak publicly on the subject.

Jingdong Industrials didn’t immediately respond to a request for comment.

JD said in 2023 that a carve-out listing would better reflect the unit’s value, allowing it to directly access equity and debt capital markets. Jingdong Industrials said it plans to use proceeds from the offering to enhance its supply-chain capabilities, including artificial-intelligence technologies, and to support expansion, investments and acquisitions.

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The company is set to list its shares on Dec 11.

Bank of America Corp, UBS Group AG, Goldman Sachs Group Inc. and Haitong International are joint sponsors of the offering.