Full Truck Alliance, a digital freight platform that connects shippers and truckers in China, announced terms for its IPO on Tuesday.
The Guiyang, China-based company plans to raise $1.5 billion by offering 82.5 million ADSs at a price range of $17 to $19. Insider Fidelity and new investor Invesco intend to purchase an aggregate $600 million worth of ADSs in the offering (40% of the deal). The company also plans to raise an additional $200 million in concurrent private placements to Ontario Teachers' Pension Plan Board and Mubadala Investment Company. At the midpoint of the proposed range, Full Truck Alliance would command a fully diluted market value of $19.7 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.
Full Truck Alliance was founded in 2011 and booked $395 million in revenue for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol YMM. Morgan Stanley, CICC, Goldman Sachs (Asia), UBS Investment Bank, Huatai Securities, Citi, and Nomura Securities are the joint bookrunners on the deal. It is expected to price during the week of June 21, 2021.
