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BUSINESS & TECH

Alibaba-Backed Logistics Provider Raises IPO Target

By Yang Ge
Logistics services provider Best Inc. said it netted 8.1 billion yuan ($1.23 billion) in revenue over the first six months of the year. Above, Zhou Jian, Best Inc. vice president and general manager of Best Express, phones the recipient of an online-shopping parcel during a promotional event in Hangzhou, Zhejiang province, in June 2016. Photo: Visual China
Logistics services provider Best Inc. said it netted 8.1 billion yuan ($1.23 billion) in revenue over the first six months of the year. Above, Zhou Jian, Best Inc. vice president and general manager of Best Express, phones the recipient of an online-shopping parcel during a promotional event in Hangzhou, Zhejiang province, in June 2016. Photo: Visual China

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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