Alibaba-Backed Logistic Firm BEST to Offer 62 Million Shares in USD1 Billion IPO on NYSE
Xu Wei
DATE:  Sep 07 2017
/ SOURCE:  Yicai
Alibaba-Backed Logistic Firm BEST to Offer 62 Million Shares in USD1 Billion IPO on NYSE Alibaba-Backed Logistic Firm BEST to Offer 62 Million Shares in USD1 Billion IPO on NYSE

(Yicai Global) Sept. 7 -- BEST Inc., a Chinese delivery firm backed by Chinese internet giant Alibaba Group Holding Ltd. [NYSE:BABA], has submitted an updated F-1 prospectus to the US Securities and Exchange Commission (SEC), confirming it will offer 62.1 million American Depositary Shares (ADS) in its initial public offering, online news outlet Sina reported.

The firm will sell a further 8.54 million shares to existing holders and the IPO price range is expected to be between USD13 and USD15 each.

BEST had previously increased its planned offering financing total by one-third to USD1 billion. The enterprise will list under the NYSE stock code BSTI.

Alibaba is the largest shareholder in Best with a 23.4-percent stake. The second largest shareholder is Best's founder Zhou Shaoning, who holds 14.7 percent.

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Keywords:   BEST Logistics,IPO,Alibaba