Best Logistics targets safe IPO delivery

Hangzhou-based logistics firm hopes to avoid the experience of competitor ZTO Express and steer its IPO safely to its final destination.

Chinese express delivery firm Best Logistics will look to avoid the pitfalls that befell one of its main rivals as it launches an initial public offering on Thursday, targeting as much as $931.5 million in what is set to be the third US listing of a Chinese company this year.

Indicative terms show Best will offer 62.1 million American Depositary Shares at a price range of $13 to $15 each. They include 53.6 million new shares and 8.5 million existing shares offered by a group of pre-IPO investors including China Development Bank, International Finance Corporation, Goldman Sachs and company chairman Johnny Chou.

If Best manages to list...

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