Full Truck Alliance stock jumps 16% in trading debut

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Full Truck Alliance Co. Ltd. shares YMM, +13.16% soared 16% in their trading debut Tuesday, after the China-based digital freight platform that connects shippers with truckers raised $1.56 billion in its initial public offering. The company sold 82.5 million American depositary shares in the IPO, which priced at $19 per ADS, at the top of the expected range of between $17 and $19 per ADS. Each ADS represented 20 ordinary shares. With 21.73 billion ordinary shares outstanding, the IPO pricing values the company at about $20.64 billion. The stock is trading on the NYSE under the ticker symbol “YMM.” Morgan Stanley, CICC and Goldman Sachs are the lead underwriters. For the quarter to March 31, the company recorded a net loss of RMB197.0 million ($30.2 million) on revenue of RMB867.2 million ($132.9 million), after a loss of RMB63.3 million on revenue of RMB438.6 million in the same period a year ago. The company is going public at a time that the Renaissance IPO ETF IPO, +0.67% has edged up 0.9% over the past three months, while the iShares MSCI China ETF MCHI, -0.72% has lost 6% and the S&P 500 SPX, +0.51% has gained 7.6%.

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