September 20, 2017 / 2:13 AM / a year ago

Alibaba-backed Best raises $450 million after pricing U.S. IPO at bottom: IFR

HONG KONG (Reuters) - Chinese logistics firm Best Inc BSTI.N priced its U.S. initial public offering (IPO) at $10 per share, raising $450 million, IFR reported on Wednesday, citing people familiar with the deal.

FILE PHOTO - The logo of the Chinese logistics company Best Inc is seen outside a local delivery hub in Beijing, China June 27, 2017. REUTERS/Thomas Peter/File Photo

The company, backed by Alibaba Group (BABA.N), priced the 45 million American depositary shares (ADS) at the bottom of a revised range of $10 to $11 each, added IFR, a Thomson Reuters publication.

Best did not immediately reply to a Reuters request for comment on the IPO pricing.

The company had initially expected a price range of $13 to $15 per ADS and an IPO consisting of 53.56 million new shares and 8.54 million existing shares.

Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Stephen Coates

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