ZTO conducts year’s biggest US IPO, drops in trading debut
October 28, 2016
Logistics | Shanghai, China | IPO
ZTO Express (NYSE: ZTO), an ecommerce logistics business that ships packages for industry titans Alibaba and JD.com, has raised $1.4 billion in what’s believed to be the largest IPO on a US exchange so far this year. The company’s pre-IPO backers include Warburg Pincus and Sequoia. ZTO priced the offering at $19.50 per share, but the company’s stock opened at $18.40 and slipped to $16.57 by the end of Thursday in a lackluster first day.