×

UPDATE 1-Alibaba-backed Best files for $750 mln U.S. IPO

(Adds details)

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.

Hangzhou-based Best Inc was founded by Shao-Ning Johnny Chou, a former Greater China president of Google.

Alibaba owns about 23.4 percent stake in the company.

Best Inc generates most of its revenue from order fulfillment services and transportation services. It also provides delivery for business-to-business convenience stores.

The company said it incurred a net loss of 422.8 million yuan ($61 million) for the three months ended March 31.

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

Citigroup, Credit Suisse, Goldman Sachs, J.P. Morgan, Deutsche Bank are the underwriters for the IPO.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different. ($1 = 6.84 Chinese yuan renminbi)

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