BEST Inc. Completes US$450 Million NYSE IPO
09.22.17
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Simpson Thacher represented BEST Inc. (“BEST”) in connection with its initial public offering and listing on the New York Stock Exchange of 45,000,000 American Depositary Shares, representing 45,000,000 Class A ordinary shares. BEST raised a total of US$450 million in gross proceeds from the IPO before exercise of the underwriters’ overallotment option. Citigroup, Credit Suisse, Goldman Sachs, J.P. Morgan and Deutsche Bank acted as joint bookrunners. This is the largest IPO in the United States by a Chinese company this year to date.
BEST is a leading and fast-growing Smart Supply Chain service provider in China. Its multi-sided platform combines technology, integrated logistics and supply chain services, last-mile services and value-added services. BEST’s American Depositary Shares are traded on the New York Stock Exchange under the symbol of “BSTI.” Alibaba and its affiliate Cainiao Smart Logistics are expected to own 28.2% of BEST’s total issued and outstanding share capital immediately after the completion of the IPO.
The Simpson Thacher team for the IPO included Chris Lin, Daniel Fertig, Yi Gao, Kai Fan and Brian Mathes (Capital Markets); and Tristan Brown and Paul Barrus (ECEB).