UAE - Mubasher: Abu Dhabi-based Mubadala Investment Company seeks to invest $100 million in Class A ordinary shares of Full Truck Alliance Co, an Uber-like trucking startup, Bloomberg reported.

The Chinese trucking startup aims to raise $1.57 billion in an initial public offering (IPO) to become one of the biggest U.S. listings by a Chinese company in 2021.

Backed by investors such as SoftBank Group Corp and Tencent Holdings, the firm is offering 82.5 million American depositary shares for $17 to $19 each, as shown by a filing with the U.S. Securities and Exchange Commission.

The Ontario Teachers’ Pension Plan Board and Mubadala will each buy $100 million worth of Class A ordinary shares in a concurrent private placement.

Full Truck Alliance, which operates a truck-sharing app that connects merchants that need shipping with truck drivers, has achieved a $12 billion price tag in a $1.7 billion funding round last year.