Chinese logistics company ZTO Express has announced it has raised U.S.$1.4 billion in the biggest initial public offering of the year.

The IPO gave the company a market value of more than U.S.$12 billion. ZTO has said it will use U.S.$720 million to purchase more assets to achieve a quicker expansion.

China is now the world’s largest express delivery market thanks to a booming online shopping sector.

ZTO’s major rivals in China, including SF Express and YTO Express, have all unveiled plans for listing on the Shenzhen and Shanghai stock markets.