September 20, 2017 / 2:13 AM / 2 years ago

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

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

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.

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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