Full Truck Alliance, a digital freight platform that connects shippers and truckers in China, raised $1.6 billion by offering 82.5 million ADSs at $19, the high end of the range of $17 to $19.
Insider Fidelity and new investor Invesco had indicated on $100 million and $500 million worth of ADSs in the offering, respectively (38% of the deal in total). The company also planned to raise $200 million in concurrent private placements to Ontario Teachers' Pension Plan Board and Mubadala Investment Company. At pricing, the company commands a fully diluted market value of $20.8 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. In the 1Q21, Full Truck facilitated 22.1 million fulfilled orders with GTV of nearly $8 billion, representing year-over-year growth of 170% and 108%, respectively.
Full Truck Alliance 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 acted as lead managers on the deal.
