Benzinga | Jun 22, 2021 07:47AM EDT

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

* Digital freight platform Full Truck Alliance Co Ltd (NYSE: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 (OTC:SFTBY) (OTC:SFTBF) and Tencent Holdings Ltd (OTC:TCEHY) feature amongst its investors, Bloomberg reports.

* China's Uber Technologies Inc (NYSE: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.