(Alex Barinka – Bloomberg)
Chinese delivery firm Best Inc., backed by e-commerce giant Alibaba Group Holding Ltd., has filed for an initial public offering in the U.S.
Best, formerly known as Best Logistics Technologies Ltd., filed to sell American depository shares with an initial offering size of $750 million, according to a U.S. Securities and Exchange Commission filing Monday. That amount could change. The company and select shareholders plan to sell stock in the IPO, the filing says, though no shareholders are currently listed as offering shares.
Best’s biggest business line by revenue is its express-delivery unit, followed by its freight-delivery division and supply-chain management services. Alibaba, whose 23 percent stake makes it the biggest existing shareholder, accounted for about 70 percent of Best’s express deliveries in the three months through March. Click here to read more.