Chinese logistics company Best launches $932 million IPO

Almaty. September 7. Silkroadnews – Chinese logistics company Best with the support of Alibaba Group, launches a $932 million IPO, Euronews channel reported.
“Best Inc, a Chinese logistics company backed by Alibaba Group, has launched an up to $932 million initial public offering, seeking funds to expand its logistics and supply chain network, develop new technology and open more of its convenience stores”, the report said.
It is noted that $300 million will be spent on expanding the chain of stores and developing a logistics network, $100 million – on technology investments and the remaining funds to be allocated for general corporate purposes and potential acquisitions.
The company offers 53.56 million new American Depositary Shares (ADS), each representing one class A ordinary share, in an indicative price range from $13 to $15.
According to publication, the current shareholders, including private equity companies CDH Investments, China Renaissance Capital, state investment holding Everbright Financial Holding and a unit of Goldman Sachs Group Inc, will sell another 8.54 million ADS.