Alibaba-Backed Best Cuts IPO -- WSJ
By Austen Hufford
This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (September 20, 2017).
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 email@example.com
(END) Dow Jones Newswires
September 20, 2017 02:47 ET (06:47 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.