×

Alibaba-backed Best Inc files for IPO

June 26 (Reuters) - Best Inc, a Chinese logistics company backed by Alibaba Group Holding Ltd, on Monday filed for an initial public offering of American depositary shares to raise up to $750 million.

Alibaba owns about 23.4 percent stake in the company.

Best will apply for listing its ADSs on the NYSE or the Nasdaq Global Market, the company said. (http://bit.ly/2sI6hWO)

(Reporting By Aparajita Saxena in Bengaluru; Editing by Sriraj Kalluvila)