September 20, 2017 / 1:56 PM / in a month

Alibaba-backed Best Inc jumps in debut

Sept 20 (Reuters) - Shares of Best Inc, a Chinese logistics firm backed by Alibaba Group Holding Ltd, rose 15 percent in market debut on Wednesday, a day after the company slashed its expected price range to stoke investor demand.

Shares rose as much as 17.4 percent to a high of $11.71 in early trading, giving the company a market capitalization of about $4.30 billion.

The company sold 45 million American depositary shares for $10 a piece, the lower end of its $10 to $11 indicative range. (Reporting By Aparajita Saxena in Bengaluru; Editing by Anil D‘Silva)

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