Chinese Jobs Site Boss Zhipin Sets US IPO Terms
A popular online jobs site in China is set to list on the US public markets very soon. That site is Boss Zhipin, operated by parent company Kanzhun Ltd.
- Last month May, Boss Zhipin’s parent Kanzhun filed an F-1 document with the US SEC as required for foreign companies listing in the country’s markets. Now, it’s filed an updated F-1 document that indicates the terms of its IPO.
- Kanzhun is seeking to raise as much as $912mn by selling 48 million American depositary shares at between $14 and $17 each. Each depositary share represents two ordinary shares.
- At the mid-point of the set price range, Kanzhun will have a fully diluted market cap of $8.2bn.
- Kanzhun had $298mn in revenue in 2020, up 95% year-over-year. The company isn’t profitable on a net basis, with a $144mn loss in 2020.
- Kanzhun’s Boss Zhipin is a popular jobs site in China with 25 million monthly active users as reported in its F-1 filing. It makes money by charging companies for posting certain jobs on its platform.
- Kanzhun has raised funding from investors including Coatue (7.8% pre-IPO stake), GGV Capital (6.4%), and Tencent (12%). The company will list on the Nasdaq stock market under the “BZ” symbol.