Best, an Alibaba-backed integrated logistics and supply chain solutions provider in China, has slashed terms for its upcoming IPO. The Hangzhou, China-based company cut the proposed price range by 25% and now plans to offer 45 million ADSs (all primary) at $10 to $11, compared to the original 62.1 million ADSs (14% insider) at $13 to $15.
At the low end of the revised range, Best would raise $450 million, 48% below the original deal size and command a market value of $3.8 billion. Key backer Alibaba (NYSE: BABA) also disclosed plans to purchase up to $150 million on the IPO.
Best was founded in 2007 and booked $2.1 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 18, 2017.
