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Alibaba-backed Best Inc raises U.S. IPO offering to $1 billion
August 29, 2017 / 4:24 PM / a month ago

Alibaba-backed Best Inc raises U.S. IPO offering to $1 billion

A man rides an electric delivery vehicle of the Chinese logistics company Best Inc in Beijing, China June 27, 2017. REUTERS/Thomas Peter

(Reuters) - Alibaba-backed Best Inc on Tuesday raised its initial public offering size by a third to $1 billion.

The company founded by Johnny Chou, a former Greater China president of Alphabet Inc's Google, said it planned to list its American depositary shares on the New York Stock Exchange under the symbol "BSTI". (bit.ly/2iFwj9Z)

Alibaba is Best Inc’s biggest shareholder with a 23.4 percent stake, followed by founder Chou with 14.7 percent.

Best Inc did not disclose the number of shares it plans to sell or give an indicative price range for the offering.

The amount of money a company says it plans to raise in its first IPO filing is used to calculate registration fees. The final size of the IPO could be different.

Reporting By Aparajita Saxena in Bengaluru; Editing by Arun Koyyur

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