(Bloomberg) — Kanzhun Ltd., the owner of Chinese online recruitment platform Boss Zhipin, is looking to raise as much as $912 million in its U.S. initial public offering, braving the market at a time when many other companies are choosing to wait on the sidelines.
Kanzhun, backed by Chinese internet giant Tencent Holdings Ltd., is offering 48 million American depositary shares at between $17 and $19 apiece, according to a filing with the U.S. Securities and Exchange Commission. Each ADS represents two ordinary shares.
If the company prices the stock at the top end of the range, it will be the biggest IPO by a Chinese company in the U.S. since software firm Tuya Inc’s $947 million offering in March, data compiled by Bloomberg show.
A number of Chinese firms have put U.S. listing plans on hold recently because of souring investor sentiment toward fast-growth companies and lackluster debuts. The last company from the Asian nation to go public in the U.S., insurance tech firm Waterdrop Inc., has slumped 30% from its offering price since its debut in early May.
A bike-sharing platform, a podcaster and a cloud computing firm are among Chinese companies holding off plans for a U.S. float after having filed publicly.
Read more: Boom in China Firms Listing in the U.S. Comes to Sudden Halt (1)
Kanzhun developed the Boss Zhipin mobile app, which connects job seekers and employers and is China’s largest online recruitment platform, according to its prospectus. Its monthly active users grew to 24.9 million in the first quarter of 2021 from 14.5 million a year earlier.
Kanzhun is still unprofitable, with its net loss narrowing to 176.2 million yuan ($27.5 million) in the first quarter from 278.8 million yuan a year earlier. Revenue surged almost threefold to 788.5 million yuan in the period from 282.6 million yuan.
The company intends to use the proceeds from the offering for investment in technology infrastructure, and research and development.
Kanzhun will set the final price on June 10, according to a term sheet obtained by Bloomberg News, and shares will start trading the following day. Goldman Sachs Group Inc, Morgan Stanley and UBS Group AG are leading the IPO.
More stories like this are available on bloomberg.com
Subscribe now to stay ahead with the most trusted business news source.
©2021 Bloomberg L.P.