ZipRecruiter has set May 26 as the date for its direct listing on the New York Stock Exchange. The company’s updated filing with the Securities and Exchange Commission also reveals earnings for Q1 2021, showing a profit of $13.4 million and a two-year high in number of employer customers.
Because the company is going public through a direct listing rather than an IPO, it won’t sell shares itself. Rather, it will enable shareholders to sell existing stock.
Trading under the ticker symbol “ZIP,” the listing will allow the sale of up to 86.6 million class A common shares. However, the company says the decision to sell is entirely up to individual shareholders.
The firm’s profit during the last quarter compared to a net loss of $11.1 million during Q1 2020.
ZipRecruiter tallied $125 million in revenue for the quarter, up 11.6% year-on-year.
If the firm can continue that run rate for the rest of the year, it could top 2020 revenues by 20%.
The updated performance numbers show ZipRecruiter’s customer base not only bounced back from the pit of the pandemic, it reached a two-year high. In Q1, the company served 114,705 employers, up from 76,867 during Q2 2020, the worst quarter of the pandemic. The number also topped the company’s best quarters of 2019.
Revenue per employer dropped dramatically during Q1, however. As an explanation, the company says its customer base now includes a high percentage of new clients who haven’t yet subscribed to premium offerings.
The AIM Group gave a detailed analysis of ZipRecruiter’s listings plan last week.