Shares of the company, which has been described as China's "Uber (UBER) - Get Free Report for trucks," at last check were nearly 12% higher at $21.20. They've traded on Tuesday up as much as 20% at $22.80.
Full Truck Alliance said in a statement that it had sold 82.5 million American depositary shares Monday for $19 each, the high end of its target range of $17 to $19.
The company's backers include SoftBank Group (SFTBY) and Tencent Holdings.
Full Truck Alliance was formed in 2017 out of a merger between Chinese digital freight platforms Yunmanman and Huochebang.
Morgan Stanley, CICC and Goldman Sachs were the lead underwriters for FTA's offering.
The company said in a regulatory filling that for all of 2019, it reported a net loss of 1.52 billion yuan ($224.4 million) on revenue of 2.47 billion yuan ($364.2 million).
For the first nine months of 2020, Full Truck Alliance's loss was 694.9 million yuan ($102.3 million) on revenue of 1.73 billion yuan ($254.9 million).
Full Truck Alliance, which said it is at "an early stage of monetization," generates revenue primarily from membership fees from shippers, freight brokerage fees from shippers, as well as interests and fees from value-added services to shippers, truckers and other ecosystem participants.
"The road-transportation industry in China is highly fragmented, complex and inefficient," the company said in the filing. "Road shipments are primarily arranged and information is highly asymmetric."
The filing said that "there is a high degree of fragmentation among both shippers and truckers, with a large long-tail of shippers who are small and medium-sized enterprises, and truckers who are individual owner-operators."
Earlier this month, Didi Chuxing, which dominates the ride-hailing market in China, unveiled plans for a potential $10 billion listing.
In addition, two Chinese online grocery platforms -- Missfresh and Dingdong Maicai -- are seeking to raise about $500 million each through IPOs on U.S. stock exchanges to fund their growth plans, the South China Morning Post reported.