Chinese startup Full Truck Alliance to raise $1. 5 B from IPO

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On May 11, Beijing: Chinese startup Full Truck Alliance aims to raise around $1.5 Billion from its initial public offering in New York which is valued at more than $20 billion, a source familiar with the matter said on Tuesday.

CNBC reported earlier on Tuesday that Full Truck Alliance could apply as early as this week for a U.S. listing.

Full Truck Alliance, result of a 2017 merger between trucking platforms Huochebang and Yunmanman, connects drivers with truck owners and their mutual client base in 2017.The company, often described as China's Uber for trucks, is backed by Tencent and SoftBank.

Full Truck Alliance refused to comment on the issue.The person is declined to be identified as the information is confidential.

The company, which has over 10 million registered truck drivers and more than 5 million owners on its platform, plans to use the funds to provide technology, service and business model innovation.

On-demand logistics service is crowded in China with Kuaigou, Huolala and Manbang as market leaders.Didi Chuxing also offers a logistics service.

Plus, a startup working on autonomous driving trucks in which the Full Truck Alliance has an investment, announced that it would go public on Monday through a merger with free-check company Hennessy Capital Investment Corp V in a deal that values the auto-driving truck technology startup at $3.3 billion.

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