It's A Lackluster IPO Day For ZTO Express And Myovant

ZTO Express ZTO and Myovant Sciences MYOV both hit Wall Street Thursday, but their IPO day celebrations have been cut short as both were trading below their IPO prices.

However, after raising the biggest amount this year for a U.S. IPO — to the tune of approximately $1.4 billion — the actual debut was a big disappointment. Despite M Science LLC analyst Henry Guo telling Bloomberg that "there's really no comparable stock in the market," ZTO quickly traded lower than its pricing.

ZTO

• The company priced its 72.1 million shares at $19.50 ADS. This is above the $16.50–$18.50 range.
• Additional 10.815 million shares were granted to the underwriters with a 30-day option.
• The stock opened at $18.40 losing 5.64 percent from the IPO price and subsequently traded between $17.50 and $18.45.

Myovant

• Myovant increased its IPO size to 14.5 million shares at a price of $15.00 a share. Initial price range was $12–$15.
• The stock opened at $15.00 to reach $15.50 before drifting down below the IPO price.
• The stock subsequently traded between $14.35 and $15.50.

At Last Check ...

• Myovant shed 4.2 percent from the IPO price to $14.37.
• ZTO traded down 7.79 percent from the IPO price to $17.98.