Walmart seeks to raise up to $3.74 billion in sale of JD.com stake, Bloomberg News reports

(Reuters) -U.S. retailer Walmart (NYSE:) is seeking to raise up to $3.74 billion by selling its stake in Chinese e-commerce firm JD (NASDAQ:).com, Bloomberg News reported on Tuesday, citing people familiar with the matter.

Walmart is offering 144.5 million shares in the price range of $24.85 to $25.85, the report said, adding that Morgan Stanley is the broker-dealer of the offering.

Walmart, JD.com and Morgan Stanley did not immediately respond to Reuters’ requests for comment.

Walmart is the largest shareholder of JD.com and owns a 5.19% stake in the e-commerce company, according to LSEG data.

The partnership between the two companies started in 2016, when Walmart sold its Chinese online grocery store, Yihaodian, in return for a 5% stake in JD.com.