NEW YORK • Chinese logistics firm ZTO Express has submitted a filing in New York seeking clearance for an initial public offering (IPO) aiming to raise between US$1 billion and US$2 billion (between S$1.35 billion and S$2.7 billion), the IFR reported yesterday, citing people close to the deal.
ZTO Express is a partner in e-commerce giant Alibaba Group's Cainiao Network logistics arm, and its IPO is expected to be marketed as early as September or October, said the International Financing Review, a Thomson Reuters publication.
The company has not yet decided which New York exchange it would use for the listing, one person told the IFR.
First flagged in March, the IPO - if completed - would be the biggest by a Chinese company in the US since Alibaba raised US$25 billion in its public offering in 2014.
ZTO Express could not be reached for comment.
People close to ZTO Express told IFR earlier that 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.