Shares of ZTO Express debuted on the NYSE below where the China-based package delivery company priced its initial public offering, and extended declines in the first minutes of trade. The first trade of 9.9 million shares at 10:30 a.m. ET was at $18.40, or 5.6% below the $19.50 IPO price, which was above the previously expected range of $16.50 to $18.50. The stock has since extended declines, to trade down 8.3% at $17.89.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News