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Best revises IPO capital goal

Published 08/30/2017, 12:01 PM
© Reuters.  Best revises IPO capital goal
BABA
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  • Alibaba-backed (NYSE:BABA) logistics company Best (Pending:BESTI) revises the amount it hopes to receive in an IPO.
  • Best now hopes to raise $1B instead of the $750M sought when the company filed for the IPO in June.
  • In a new regulatory filing, Best reveals it brought in $1.23B in the first half of this year, double on the prior year’s period. Losses were down slightly to $95M, one million less than last year.
  • Alibaba had a 23% stake in Best at the time of filing, making the company the largest shareholder. The Alibaba founded Cainiao Network has a 5.6% stake.
  • Previously: Tencent invests in crowdfunding platform, oversees investmnet merger (Aug. 30)
  • Now read: Alibaba: The Stock Growth Machine


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