June 15 (Reuters) - China's Full Truck Alliance Co Ltd (FTA)
said on Tuesday it is aiming for a valuation of over $20 billion
in its U.S. initial public offering, marking another
high-profile Chinese stock market listing in New York this year.
FTA, which styles itself as "Uber for trucks" and is more
popularly referred to as Manbang in China, said it is offering
82.5 million American Depositary Shares (ADS) at between $17 and
$19 per ADS. Each ADS represents 20 Class A ordinary shares.
At the top end of the price range, FTA could raise as much
as $1.57 billion from the IPOwhich would make it the largest
U.S. listing for a Chinese company this year, according to data
provider Refinitiv. Chinese vaping firm RLX Technology Inc
raised $1.4 billion in its U.S. IPO in January.
Those figures are expected to be dwarfed in the coming weeks
when China's largest ride-hailing company Didi Chuxing launches
its IPO, which is expected to be the biggest share sale of the
year. Reuters has previously reported that Didi could raise as
much as $10 billion from its stock market flotation.
A spate of richly valued Chinese tech startups have targeted
IPOs in the U.S. in recent years, as they can tap into the
deepest capital pool in the world and avoid tighter regulatory
scrutiny in major Asian exchanges like Hong Kong.
Last year, Chinese companies raised $12 billion from U.S.
listings, nearly triple the amount raised in 2019, according to
Refinitiv data. This year is expected to comfortably surpass
last year's tally.
Chinese companies have so far raised $5.82 billion in the
United States this year, according to Refinitiv data.
FTA, formed out of a merger in 2017 between two digital
freight platforms, Yunmanman and Huochebang, is led by former
Alibaba executive Peter Hui Zhang.
The company runs a mobile app that connects truck drivers to
people that need to ship items within China. It was the worlds
largest digital-freight platform by gross transaction value last
year, according to research from China Insights Consultancy that
was commissioned by the company.
In November, FTA was valued at nearly $12 billion after a
$1.7 billion investment, Reuters reported. That investment round
was led by Japanese conglomerate SoftBank's Vision
Fund, Sequoia Capital, Permira Capital and Fidelity.
China's tech giant Tencent Holdings Ltd is also
one of the company's backers.
Morgan Stanley, CICC and Goldman Sachs are among the
underwriters for FTA's offering in New York. The company plans
to list on the New York Stock Exchange under the symbol "YMM".
(Reporting by Echo Wang in Asheville, North Carolina, Niket
Nishant in Bengaluru; Editing by Krishna Chandra Eluri and