(MENAFN) Best Inc, the Chinese conglomerate specialized in logistics and backed by Alibaba Group, cut its initial public offering after receiving tepid response from investors to its initial valuation.
According to IFR reports, the Chinese company is now planning to increase up to USD495mln with the sale of 45 million new American Depositary Shares (ADS) in an indicative range of USD10-11 each.
However, the IPO previously consisted of 53.56 million new shares, and 8.54 million existing shares from shareholders offered in a range of USD13-15 each.
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