Chinese package delivery company ZTO Express raised $1.4 billion in the biggest US initial public offering of the year on Wednesday as early backers cashed in on China's booming online-shopping industry, a source familiar with the deal said.
ZTO priced 72.1 million shares at $19.50 a share, above its previously indicated range of $16.50 to $18.50 a share.
The stock market debut, the biggest by a Chinese company since the $25 billion IPO of e-commerce giant Alibaba Group Holding Ltd in 2014, gave the Shanghai-based company a market value of more than $12 billion.
The source asked not to be named because the pricing is not yet public. ZTO did not immediately respond to a request for comment.