Reuters Chinas 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 highprofile 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 Chinas largest ridehailing 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 years tally….