Alibaba-backed Best Inc raises U.S. IPO offering to $1b

Alibaba-backed Best Inc raises U.S. IPO offering to $1b

Traders work on floor of the New York Stock Exchange (NYSE) shortly before the close of trading in New York, U.S., December 13, 2016. REUTERS/Lucas Jackson

Alibaba-backed Best Inc on Tuesday raised its initial public offering size by a third to $1 billion.

The company founded by Johnny Chou, a former Greater China president of Alphabet Inc‘s Google, said it planned to list its American depositary shares on the New York Stock Exchange under the symbol “BSTI”.

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