Best Logistics has priced its initial public offering at $10 per share in what is still due to be the biggest IPO of a Chinese company this year on the New York Stock Exchange despite muted investor interest.
The Hangzhou-based logistics firm now expects to raise $450m, less than half of the $1bn expected earlier this month, through an offer of 45m shares at $10 per share – at the bottom of the $10-11 range that sources had disclosed on Tuesday.
The company, which is backed by Chinese tech giant Alibaba, had earlier this month expected to offer 53.56m shares at $13-$15 per share.
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