Logistics Provider Best Sets IPO Range, Aims to Deliver $1 Billion
Best Inc., a logistics services provider backed by e-commerce giant Alibaba, could raise more than $1 billion from its upcoming New York initial public offering (IPO), making it the biggest such listing by a Chinese firm in the U.S. so far this year, according to its latest filings.
The company plans to issue 62.1 million American Depositary Shares (ADSs) in the offering, at a price between $13 and $15 per ADS, according to a document filed Wednesday with the U.S. Securities and Exchange Commission. An overallotment option could bring the total offering to 71.4 million ADSs, which would allow the offering to raise slightly more than $1 billion if the option is exercised and shares price at the top of their range.
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