Best Inc., a Chinese logistics company backed by Alibaba Group (NASDAQ:$BABA), launched a U.S. IPO that is seeking about $930 million to fund an expansion of its supply chain network, develop new technology and open more convenience stores.

A former Greater China president for Alphabet Inc (NASDAQ:$GOOGL) subsidiary Google, Johnny Chou, who now leads Best, plans to list on the New York stock exchange and the IPO is expected to be up to $5.7 billion.

While the company had initially aimed to raise up to $740 million from the IPO, last month it increased the size of the offering, including a greenshoe option, to $1.07 billion.

More specifically, China reflects the world’s strongest logistic market, with $1.6 trillion in revenue last year and demand for express delivery services increasing by 17.9% annually in the six years to 2021.

Best’s share of China’s express delivery market grew to 8.6% in the 6 months to June 2017, from 2.7% 2012.

Existing shareholders of the company include state-owned Everbright Financial Holding Investment Holding, and a unit of Goldman Sachs Group Inc. (NYSE:$GS) CEO Chou is offering 1 million shares.

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