(Reuters) – Alibaba Group-backed (BABA.N) logistics company Best Inc on Tuesday slashed the expected price range of its U.S. initial public offering, one day before its market debut, suggesting tepid investor enthusiasm.
Best expects its offering of 45 million American depository shares (ADS) to be priced at $10 to $11 per ADS, it said in a filing with U.S. securities regulators. (bit.ly/2heEOFe)
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.
Reporting By Aparajita Saxena in Bengaluru; Editing by Sai Sachin Ravikumar