Full Truck Alliance, a digital freight platform that connects shippers and truckers in China, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $1.5 billion.
Full Truck Alliance states that it is the world's largest digital freight platform by gross transaction value (GTV) in 2020, pioneering a digital, standardized, and smart logistics infrastructure across the value chain. Its platform connects shippers with truckers to facilitate shipments across distance ranges, cargo weights, and types.
The Guiyang, China-based company was formed through a merger in 2017 but traces its roots to 2011. The company booked $404 million in revenue for the 12 months ended December 31, 2020, and plans to list on the NYSE under the symbol YMM. Full Truck Alliance filed confidentially on February 11, 2021. Morgan Stanley, CICC, Goldman Sachs (Asia), UBS Investment Bank, Huatai Securities, Citi, and Nomura Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
