Tencent-Backed Kanzhun Seeks as much as $912 Million in U.S. IPO

(Bloomberg) — Kanzhun Ltd., the proprietor of Chinese language on-line recruitment platform Boss Zhipin, is seeking to elevate as a lot as $912 million in its U.S. preliminary public providing, braving the market at a time when many different corporations are selecting to attend on the sidelines. Kanzhun, backed by Chinese language web big Tencent


(Bloomberg) — Kanzhun Ltd., the proprietor of Chinese language on-line recruitment platform Boss Zhipin, is seeking to elevate as a lot as $912 million in its U.S. preliminary public providing, braving the market at a time when many different corporations are selecting to attend on the sidelines.

Kanzhun, backed by Chinese language web big Tencent Holdings Ltd., is providing 48 million American depositary shares at between $17 and $19 apiece, in accordance with a submitting with the U.S. Securities and Trade Fee. Every ADS represents two strange shares.

If the corporate costs the inventory on the high finish of the vary, it will likely be the most important IPO by a Chinese language firm within the U.S. since software program agency Tuya Inc’s $947 million providing in March, knowledge compiled by Bloomberg present.

Plenty of Chinese language corporations have put U.S. itemizing plans on maintain lately due to souring investor sentiment towards fast-growth corporations and lackluster debuts. The final firm from the Asian nation to go public within the U.S., insurance coverage tech agency Waterdrop Inc., has slumped 30% from its providing value since its debut in early Might.

A motorcycle-sharing platform, a podcaster and a cloud computing agency are amongst Chinese language corporations holding off plans for a U.S. float after having filed publicly.

Learn extra: Growth in China Corporations Itemizing within the U.S. Involves Sudden Halt (1)

Kanzhun developed the Boss Zhipin cell app, which connects job seekers and employers and is China’s largest on-line recruitment platform, in accordance with its prospectus. Its month-to-month energetic customers grew to 24.9 million within the first quarter of 2021 from 14.5 million a 12 months earlier.

Kanzhun continues to be unprofitable, with its web loss narrowing to 176.2 million yuan ($27.5 million) within the first quarter from 278.8 million yuan a 12 months earlier. Income surged virtually threefold to 788.5 million yuan within the interval from 282.6 million yuan.

The corporate intends to make use of the proceeds from the providing for funding in expertise infrastructure, and analysis and growth.

Kanzhun will set the ultimate value on June 10, in accordance with a time period sheet obtained by Bloomberg Information, and shares will begin buying and selling the next day. Goldman Sachs Group Inc, Morgan Stanley and UBS Group AG are main the IPO.

Extra tales like this can be found on bloomberg.com

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