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Chinese logistics firm ZTO Express files for up to US$2b IPO in US: IFR
[NEW YORK] Chinese logistics firm ZTO Express Co has submitted a filing in New York seeking clearance for an initial public offering aiming to raise between US$1 billion and US$2 billion, IFR reported on Tuesday, citing people close to the deal.
The IPO by ZTO Express, a partner in e-commerce giant Alibaba Group Holding Ltd's Cainiao Network logistics arm, is expected to be marketed as early as September or October, Thomson Reuters publication IFR said.
The company has not yet decided which New York exchange it would use for the listing, one person told IFR. First flagged in March, the IPO - if completed - would be the biggest by a Chinese company in the United States since Alibaba raised US$25 billion in its IPO in 2014. ZTO Express could not be reached for immediate comment.
People close to ZTO Express told IFR earlier the company had opted for a US listing for a faster completion than would be possible in China. This would also make it easier for existing shareholders to book profit from their investments, the people said.
ZTO Express is likely to use the proceeds for future expansion in a competitive industry, IFR reported.
Citigroup, Credit Suisse, China Renaissance, Goldman Sachs, JPMorgan and Morgan Stanley are arranging the share sale, IFR reported.