Best Inc., the Chinese logistics provider backed by e-commerce giant Alibaba Group, jumped in its New York debut Wednesday after the company slashed the price range for the initial public offering. Best’s shares, traded under the ticker BESTI on the New York Stock Exchange, opened at $11.48 and climbed as much as 18% to a high of $11.89 in early trading. The stock finished its first day at $10.52. Hangzhou-based Best sold $450 million of American depositary shares for $10 each, raising less than half the original goal of as much as $1 billion through the New York listing. Despite the reduced size, it was still the largest US IPO of a Chinese company this year, Caixin reports. Best, founded by former Google executive Johnny Chou, joined several Chinese courier companies in going public, such as ZTO Express, S.F. Holding and YTO Express. Even as the country’s logistics market grows into the world’s largest, some competitors have shown weaker-than-expected stock performance.
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