Bengaluru — Shares of Best, a Chinese logistics firm backed by Alibaba, rose 15% in its market debut on Wednesday, a day after the company slashed its expected price range to stoke investor demand. Shares rose as much as 17.4% to a high of $11.71 in early trading, giving the company a market capitalisation of about $4.30bn. The company sold 45-million American depositary shares (ADS) for $10 a piece, the lower end of its $10 to $11 indicative range. The offering was the biggest by a Chinese firm in the US since rival express delivery firm ZTO Express raised $1.4bn in October. ZTO’s stock has traded below its IPO price since debuting and is down 22% from the listing price. The company had initially expected a price range of $13 to $15 per ADS and an IPO consisting of 53.56-million new shares and 8.54-million existing shares. Best, founded by former Google executive Johnny Chou, faces stiff competition from Chinese logistics firms such as SF Holding, YTO Express and STO Express, all o...
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