ZTO, year’s biggest US IPO with $1.4b
ZTO Express Inc, the Chinese delivery service that gets about three-quarters of its business from Alibaba Group Holding Ltd, is following its top customer to the US stock market with what is set to be this year’s biggest initial public offering in the country.
The company has been seeking as much as $1.3 billion in the sale, which would also be the most a Chinese company raised in New York since Alibaba’s record $25 billion offering in 2014.
The deal may mark an inflection point after a string of mainland companies have sought to abandon their US listings and move trading back home, where stocks are commanding higher multiples.
ZTO is set to raise $1.4 billion after pricing the offering above the top end of a marketed range, Reuters reported on Wednesday in New York. It
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