China's Full Truck Alliance is targeting a maximum valuation of roughly $21 billion
Full Truck Alliance Co., a Chinese startup that provides an Uber-like service for the road-haulage industry, aims to raise as much as $1.57 billion from its U.S. initial public offering, a filing showed.
The company, also known as Manbang Group, runs a mobile app connecting truck drivers to businesses that need to transport goods within China. It has a number of high-profile investors including Alphabet Inc. and SoftBank Group Corp.’s Vision Fund.Chinese startups are still pursuing U.S. listings , even as the Biden administration has maintained some of former President Donald Trump’s tough stance on businesses from China.
The indicative price range for the share sales implies a market value for Full Truck Alliance of about $18.5 billion to $20.6 billion, whose stock will trade on the New York Stock Exchange. Alongside the IPO, the company is raising another $200 million by privately selling $100 million of stock each to two big investors, the Ontario Teachers’ Pension Plan and a unit of Mubadala, the Abu Dhabi sovereign-wealth fund.
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