Existing shareholders, including Goldman Sachs Group, will be offloading their stake in the IPO.
Backed by Alibaba Group, a Chinese logistics company called Best Inc, has launched its IPO in the U.S. in the hope of moping up up to $932 million.
Best will channelize these funds to consolidate and expand its supply chain network in China, as well as develop new technology and open more convenience stores.
As per information available in its filing with the U.S. SEC, the company is offering 53.56 million new American Depositary Shares (ADS), each representing one class A ordinary share, with an indicative price range of $13 to $15 each.
Existing shareholders including Goldman Sachs Group Inc, private equity firms CDH Investments, China Renaissance Capital, Chinese state-owned Everbright Financial Holding Investment Holding will be disposing of 8.54 million ADSs.
The company plans on using $300 million of the proceeds to expand its logistics and supply chain services as as its convenience stores; $100 million will be set aside for technology investments and the remainder for general corporate purposes and potential acquisitions.