Best, an Alibaba-backed logistics company with 400 centers across China, announced terms for its IPO on Wednesday.
The Hangzhou, China-based company plans to raise $869 million by offering 62.1 million shares (14% insider) at a price range of $13 to $15. At the midpoint of the proposed range, Best would command a fully diluted market value of $5.6 billion.
Best was founded in 2007 and booked $2.0 billion in sales for the 12 months ended June 30, 2017. It plans to list on the NYSE under the symbol BSTI. Citi, Credit Suisse, Goldman Sachs (Asia), J.P. Morgan and Deutsche Bank are the joint bookrunners on the deal. It is expected to price during the week of September 25, 2017.
