Oct 4 (Reuters) - China's BingEx said on Friday it had

raised $66 million in its U.S. initial public offering valuing

the courier delivery firm at $1.17 billion, signaling a recovery

in investors' risk appetite and easing regulatory hurdles.

The company, which brands its services as FlashEx, sold 4

million American depositary shares (ADS) in the offering priced

at $16.50 each. It had aimed to sell shares at a range between

$15 and $17.

The IPO bodes well for the broader market which had been

depressed for almost two years due to higher-for-longer interest

rates and turmoil in the stock markets.

The recent searing rally in equities and the start of the

U.S. Federal Reserve's monetary policy easing cycle has lifted

sentiment. Analysts expect appetite for riskier investments will

continue to improve next year, boosting the IPO market

meaningfully in 2025.

BingEx operated in 295 Chinese cities with more than 2.7

million registered riders, as of June 30. It controlled 33.9% of

the country's independent on-demand dedicated courier service

market, the company said in its IPO prospectus citing data from

iResearch.

The number of Chinese companies that have pursued stock

market flotations in the United States has dropped in the past

few years, after Beijing clamped down on offshore capital

raising in 2021.

EV maker Zeekr's debut on the New York Stock Exchange

earlier this year was the first big listing by a Chinese company

in the U.S. since ride-hailing giant Didi Global was forced to

delist its shares in late 2021 following a backlash from Chinese

regulators.

BingEx's ADS are expected to start trading on the Nasdaq

under the ticker symbol "FLX" later on Friday.

Deutsche Bank Securities, CICC and CLSA are the lead

underwriters for the offering.