China's 'Uber For Trucks' Raised $1.6B From NYSE IPO

Digital freight platform Full Truck Alliance Co Ltd YMM priced 82.5 million American depositary shares (ADS) at $19 per ADS in its initial public offering. One ADS represents 20 ordinary shares.
The estimated gross proceeds are $1.6 billion.
The underwriters have a 30-day option to purchase additional ADS up to 12.4 million.
The ADSs will begin trading on the NYSE today under the ticker symbol "YMM."
SoftBank Group Corp SFTBY SFTBF and Tencent Holdings Ltd TCEHY feature amongst its investors, Bloomberg reports.
China's Uber Technologies Inc UBER-like trucking start-up will utilize the IPO proceeds for investment in infrastructure development and technology innovation, expansion of service offerings, and general corporate purposes, including working capital needs and potential acquisitions and investments.
China and Hong Kong-based companies have raised $8.6 billion in U.S. IPOs so far in 2021, almost four times the amount as of 2020.