Here comes the biggest IPO of the year ...
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)