ZTO Express, a leading Chinese logistics and delivery company, announced terms for its IPO on Friday.
The Shanghai, China-based company plans to raise $1.3 billion by offering 72.1 million shares at a price range of $16.50 to $18.50. At the midpoint of the proposed range, ZTO Express would command a fully diluted market value of $12.8 billion.
ZTO Express was founded in 2002 and booked $1.2 billion in sales for the 12 months ended June 30, 2016. It plans to list on the NYSE under the symbol ZTO. Morgan Stanley, Goldman Sachs (Asia), China Renaissance, Citi, Credit Suisse and J.P. Morgan are the joint bookrunners on the deal. It is expected to price later this month.
