Chinese Trucking Startup Seeks $1.6 Billion in U.S. IPO

Full Truck Alliance Co., an Uber-like trucking startup, is looking to raise as much as $1.57 billion in a initial public offering, which would make it one of the biggest U.S. listings by a Chinese company this year.

The firm, backed by investors including SoftBank Group Corp. and Tencent Holdings Ltd., is offering 82.5 million American depositary shares for $17 to $19 apiece, according to a filing with the U.S. Securities and Exchange Commission. There is a concurrent private placement in which the Ontario Teachers’ Pension Plan Board and Mubadala will each purchase $100 million worth of Class A ordinary shares.