It follows a number of other Chinese logistics companies that have gone public recently. They include rivals S.F. Holding (002352.SZ), YTO Express (600233.SS) and STO Express (002468.SZ) which listed in Chinese markets, and ZTO Express (ZTO.N), which raised $1.4 billion with a listing in the New York Stock Exchange (NYSE) in October.
Best Inc has yet to make a profit, and reported a net loss of 422.8 million yuan ($61.8 million) for the three months ended March 31, but its revenue more than doubled during the quarter to 3.25 billion yuan, led by an increase in its freight and express delivery business.
The market for shipments with smaller trucks is expected to expand by 13.8 percent a year, and China's overall logistics market is forecast to grow by an average 2.1 percent a year from 2016-2021, according to iResearch.
In 2016, Hangzhou-based Best Inc derived about 60 percent of its 8.8 billion yuan in revenue from express delivery services, with another 18 percent from freight services with smaller trucks and 14 percent from supply chain management to corporate clients.
Alibaba is Best Inc's biggest shareholder with a 23.4 percent stake, followed by founder Chou with 14.7 percent. Private equity firm China Renaissance Capital Investment holds 11.3 percent of the company, while venture capital firm IDG-Accel China Capital has another 6.2 percent.
The company raised $750 million in September from a group of investors including CITIC Private Equity, Alibaba affiliate Cainiao Smart Logistics Network Ltd, China Development Bank International and Goldman Sachs.
Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs and J.P. Morgan 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. Thomson Reuters publication IFR previously reported that Best Inc's IPO could reach $1 billion.
(Additional reporting by Aparajita Saxena in Bengaluru; Editing by Sriraj Kalluvila and Susan Fenton)