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.
This deal and a planned IPO by ride-hailing giant Didi Chuxing Technology Co. show 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.