Full Truck Alliance Co., a Chinese startup that offers an Uber-like service for road freight transport, plans to raise up to 1.57 billion US dollars from its IPO in the US, a filing showed. </ The company, also known as Manbang Group, operates a mobile app that connects truck drivers with companies that need to move goods within China. It has a number of high profile investors including
of SoftBank Group Corp.
This deal and a planned IPO of ride-hailing giant Didi Chuxing Technology Co. show that Chinese startups will continue to pursue US listings even if the Biden administration has retained some of the former presidents
tough stance on companies from China.
The indicative price range for the stock sales implies a market value for the Full Truck Alliance of approximately 18.5 to 20.6 billion US dollars, whose shares are traded on the New York Stock Exchange. < In addition to going public, the company is raising an additional $ 200 million through the private sale of shares valued at $ 100 million each to two major investors, the Ontario Teachers' Pension Plan and a unit from Mubadala, the sovereign wealth fund of Abu Dhabi.
The Full Truck Alliance first made its IPO public last month, but did not reveal any details about size or price at this time. At the time, the Wall Street Journal reported that the company was aiming to raise at least $ 1 billion with a valuation between $ 20 billion and $ 30 billion.
The startup is selling 82.5 million American Depositary Shares in its initial public offering at one Price from $ 17 to $ 19, according to a report filed Tuesday with the US Securities and Exchange Commission. Units of
and Fidelity International have announced plans to buy up to $ 500 million and $ 100 million in shares, respectively.
The final size of the IPO could increase 15% if the underwriters exercise what is known as an over-allotment option. The company plans to price its shares on Monday, according to a term sheet available in the Journal.
Last week Didi filed for a listing in the US, which people familiar with the matter said they did Ridesharing companies could give a valuation of more than $ 70 billion.
According to Dealogic, Chinese companies raised $ 5.9 billion from initial public offerings in the US this year. Didi and Full Truck’s listings are expected to increase profits over the full year of last year by $ 13.6 billion.
Earlier this month, President Biden extended a ban on Americans from operating in Chinese companies with alleged links to the Chinese military and added other companies to a blacklist that angered Beijing and caused consternation among investors.
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