Tencent, SoftBank and Alphabet are in line for exits after the trucking services provider confidentially filed to float in a US initial public offering sized above $1bn.
Manbang Group, the China-based trucking services provider backed by corporates Tencent, SoftBank and Alibaba, has confidentially filed for an initial public offering, Bloomberg reported on Friday.
The company has filed to list in the United States, according to people familiar with the matter, who said it would aim to raise at least $1bn. Morgan Stanley and China International Capital Corp have been lined up as underwriters for the offering.
Also known as Full Truck Alliance, Manbang oversees an online platform that enables users to book space in trucks operated by some 10 million drivers in the company’s network, utilising artificial intelligence to find the most efficient route and track their cargo in real time.
People familiar with the matter told Bloomberg in January this year the company would aim to raise between $1bn and $2bn when it floated. It was valued at nearly $12bn in its last round, when it secured $1.7bn in November 2020.
Internet and telecommunications group SoftBank’s Vision Fund co-led the November round with investment and financial services group Fidelity, Permira and Sequoia Capital China, investing with internet group Tencent, Hillhouse Capital, GGV Capital, Lightspeed China Partners and YF Capital.
Manbang had received $1.9bn in a 2018 round featuring internet technology conglomerate Alphabet’s CapitalG unit as well as Tencent, Vision Fund, China Reform Fund, GSR Ventures, Ward Ferry and Sequoia Capital at a $6.5bn valuation.
The 2018 round came the year after peers Huochebang and Yunmanman merged to form Manbang at a valuation of over $2bn. Yunmanman had secured at least $275m pre-merger, its investors including YF Capital, Sequoia China, Lightspeed Venture Partners and Tiger Management.
Huochebang had previously received over $260m from investors including Tencent and Baidu Capital, internet group Baidu’s growth capital arm, as well as All-Stars Investment, Genesis Capital, DCM Ventures, International Finance Corporation and Zhongding Capital.
