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At
that amount it would be the second-largest U.S. listing by a
Chinese company so far in 2021.
The exact size of the fund raising was not specified in
Securities and Exchange Commission (SEC) filings lodged
overnight to begin the process for a U.S. listing.
However, the sources said Full Truck Alliance would look to
raise up to $1.5 billion, which would give it a valuation of $20
billion, as previously reported by Reuters.
The sources could not be named as the information has not yet
been made public. The company did not immediately respond to a
request for comment on the size of the IPO.
Full Truck Alliance has over 10 million registered truck drivers
and more than 5 million truck owners on its platform.
It plans to use the cash raised in the deal to develop its
infrastructure and technology and expand its services, according
to the SEC filings.
At $1.5 billion, Full Truck Alliance's raising would be just
behind the $1.6 billion raised by e-cigarette maker RLX
Technology Inc in January.
New rules that mean foreign companies can be delisted within
three years if they do not meet U.S. auditing standards have not
deterred most Chinese companies from pressing ahead with listing
plans.
Dealmakers say Chinese firms carrying out U.S. listings believe
they will be able to comply with the rules and can also complete
a secondary listing in Hong Kong or Shanghai within that time
frame.
(Reporting by Scott Murdoch, additional reporting Yilei Sun in
Beijing, editing by Richard Pullin.)
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