Full Truck Alliance to launch an IPO for $1.5 Billion

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According to sources Chinese startup Full Truck Alliance is aiming to raise around $1.5 million with value of $20 billion by announcing an IPO in New York. As per CNBC, company may file for listing in US by early this week.

Company is a merger of Yunmanman and Huochebang which connects drivers with truck owners and their mutual client base. Company is very popular in China by name of “Uber for Trucks” which is backed by Softbank and Tencent.

Presently company have not informed by any development, an no comment is available from company side. With the increasing base of 10 million registered truck drivers where 5 million truck owners on its platform, plans to use the funds for technology, service and business model innovations.