Alibaba-Backed Logistics Provider Raises IPO Target
Best Inc., a logistics services provider backed by e-commerce giant Alibaba Group Holding Ltd., has raised the fundraising target for its U.S. initial public offering (IPO) by a third in what could become the biggest listing so far this year for a Chinese company on a New York bourse.
Best, which also goes by the name of Best Logistics, said it now plans to raise up to $1 billion through its upcoming listing, according to an updated prospectus filed with the U.S. securities regulator on Tuesday. That represents a major increase from an original $750 million target disclosed in the company’s first public filing in June and several subsequent filings.
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