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Digital Freight Platform Provider FULL TRUCK ALLIANCE Set Terms for $1.5 Billion US IPO

Esther Thin

Full Truck Alliance Co Ltd, a digital freight platform provider, has filed Amendment No 1 to Form F-1 Registration Statement on June 15, 2021 with the U.S. Securities and Exchange Commission to announce terms for its IPO.

The company plans to raise $1.5 billion by offering 82.5 million shares at a price range of $17 to $19. Assuming a successful IPO at the midpoint of the proposed price, the company expects a market capitalization of $19.7 billion.

The company is the world’s largest digital freight platform by gross transaction value. They transformed China’s road transportation industry by pioneering a digital, standardized, and smart logistics infrastructure across the value chain.

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.” Morgan Stanley, CICC, Goldman Sachs (Asia), UBS Investment Bank, Huatai Securities, Citi, and Nomura Securities are underwriters of the IPO.

The company engages Simpson Thacher & Bartlett LLP as US Securities Counsel, and Deloitte Touche Tohmatsu Certified Public Accountants LLP as Independent Auditor.

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