Chinese logistics company Best Inc. on Tuesday slashed the size of its planned initial public offering, The Wall Street Journal reports. The company, backed by technology giants Alibaba and Foxconn, now expects to offer 45 million American depositary shares at a price of $10 to $11 each, down from earlier plans to sell 53.56 million shares at $13 to $15 apiece. Best said Alibaba has indicated an interest in purchasing up to $150 million worth of shares. Best now estimates it will receive net proceeds of about $447.3 million from the offering, down from $713 million it expected previously. Founded in 2007 by Johnny Chou, Google China’s former co-president, Best has grown quickly by building a warehouse and distribution network across China. The company provides products for sourcing for convenience stores and domestic and international delivery services for China’s online shoppers.
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