ZTO Express, which delivers parcels for businesses including Chinese e-commerce giants Alibaba Group Holding and JD.com, said late Friday it will sell 72.1 million shares at $16.50 to $18.50 each. At the top end of that range, the Shanghai-based company would raise $1.3 billion. The amount could rise to $1.5 billion if an overallotment option is fully exercised. This would exceed the $1.3 billion total raised by Japanese messaging-app operator Line in its New York and Tokyo IPO in July, according to The Wall Street Journal. A listing on the New York Stock Exchange would also make ZTO’s IPO the biggest public market debut of a Chinese company in the US since Alibaba raised $25 billion in the country in 2014.
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