Here comes the biggest IPO of the year ...
Thomson Reuters
Chinese package delivery company ZTO Express will debut as a publicly traded company on Thursday.
The company raised $1.4 billion in the biggest U.S. initial public offering of the year on Wednesday as early backers cashed in on China's booming online-shopping industry, a source familiar with the deal said.
ZTO priced 72.1 million shares at $19.50 a share, above its previously indicated range of $16.50 to $18.50 a share.
The stock market debut, the biggest by a Chinese company since the $25 billion IPO of e-commerce giant Alibaba Group Holding Ltd in 2014, gave the Shanghai-based company a market value of more than $12 billion.
The source asked not to be named because the pricing is not yet public. ZTO did not immediately respond to a request for comment.
The company will debut on the New York Stock Exchange and trade with the ticker symbol ZTO.
We'll update this post as the stock makes its debut on the market. More to come ...
(Reuters reporting by Lauren Hirsch; Editing by Bill Rigby)
- Indian markets could recover on Monday but earnings, global cues will decide the rest of the week, say experts
- Top temples to visit in India you must visit atleast once in a lifetime
- Top 10 adventure sports across India: Where to experience them in 2024
- Market recap: Valuation of 6 of top 10 firms declines by Rs 68,417 cr; Airtel biggest laggard
- West Bengal Elections: Rift among INDIA bloc partners triggers three-cornered intense contests