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Kul Bhushan · · 1 min readChina’s Full Truck Alliance’s valuation rises to $24b in US stock market debut
“Full Truck Alliance rose more than 18% in its debut on the New York Stock Exchange on Tuesday, giving the startup a valuation of over US$24 billion in the biggest US stock market listing for a Chinese company this year,” reported Reuters.
Details:
- Full Truck Alliance (FTA), a logistics firm that calls itself the “Uber for trucks,” raised about US$1.6 billion by offering 82.5 million American Depository Notes in its initial public offering (IPO).
- FTA is backed by some high-profile investors, including SoftBank’s Vision Fund and Tencent. The company will also raise a total of US$200 million from Abu Dhabi’s Mubadala and Ontario Teachers’ Pension Plan Board.
Context:
- FTA’s strong debut is likely to be eclipsed by Chinese ride-hailing giant Didi Chuxing’s US$10 billion IPO later this year.
- FTA, known as Manbang in its home market, was valued at around US$12 billion after its US$1.7 billion funding round in November last year.
Editing by Collin Furtado and September Grace Mahino
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