The biggest deal is that of Chinese logistics company Full Truck Alliance YMM, which priced early Tuesday and raised $1.56 billion. The company sold 82.5 million American depositary shares in the IPO, which priced at $19 per ADS, the top of the expected range of between $17 and $19.
“It’s a very fast-growing business, almost like an Uber for trucks,” said Dr. Josef Schuster, founder of IPOX Schuster LLC and chief architect of the IPOX Indexes.The company has institutional investor backing from the Ontario Teachers’ Pension Plan Board and an entity affiliated with Mubadala Investment Company PJSC, an Abu Dhabi-based sovereign investor, which have agreed to act as anchor investors, he added.
“We have pioneered a new category of data infrastructure designed to connect all the applications, systems, and data layers of a company around a real-time central nervous system,” the company says in its IPO filing documents.
Digital doctors network Doximity DOCS, is planning to raise $501 million at a $4.5 billion valuation. It has applied to list on the New York Stock Exchange under the ticker “DOCS.” There are nine banks underwriting the deal, led by Morgan Stanley and Goldman Sachs. Proceeds of the deal will be used for working capital and other general corporate purposes.