Alibaba-Backed Chinese Logistics Firm Best Slashes IPO Plans
September 19 2017 - 11:29AM
Dow Jones News
By Austen Hufford
Chinese logistics company Best Inc. on Tuesday slashed the size
of its planned initial public offering.
The company, backed by technology giants Alibaba Group Holding
Ltd. and Foxconn Technology Group, now expects to offer 45 million
American depositary shares at a price of $10 to $11 each, down from
earlier plans to sell 53.56 million shares at $13 to $15
apiece.
Best said Alibaba has indicated an interest in purchasing up to
$150 million worth of shares. Best now estimates it will receive
net proceeds of about $447.3 million from the offering, down from
$713 million it expected previously.
Chinese logistics companies that support the country's rapidly
growing e-commerce industry have attracted billions of dollars from
investors.
Founded in 2007 by Johnny Chou, Google China's former
co-president, Best has grown quickly by building a warehouse and
distribution network across China. The company provides products
for sourcing for convenience stores and domestic and international
delivery services for China's online shoppers.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
September 19, 2017 11:14 ET (15:14 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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