Chinese logistics firm ZTO Express files for up-to-$2 bln IPO in US -IFR
Chinese logistics firm ZTO Express has submitted a filing in the United States seeking clearance for an initial public offering aiming to raise between $ 1 billion and $ 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 (BABA.N) Cainiao Network logistics arm, is expected to be marketed as early as September or October, Thomson Reuters publication IFR said. The planned New York IPO was first flagged in March.
The deal would the biggest IPO by a Chinese company in the United States since Alibaba raised $ 25 billion in its IPO in 2014.
Citigroup, Credit Suisse, China Renaissance, Goldman Sachs, JPMorgan and Morgan Stanley are arranging the share sale, IFR reported.
ZTO Express could not be reached for immediate comment.