In a filing with the SEC on 5 June, Kanzhun, the owner of Chinese online recruitment platform Boss Zhipin, discloses it seeks to raise up to $912 million by offering 48 million ADRs at a price range between $17-$19 per share on the Nasdaq under the symbol of BZ.
Two of Kanzhun’s existing shareholders, Sequoia Capital and Tiger Global, have indicated their combined interest to subscribe $100 million. New investors including UBS Asset Management ($100 million), GIC ($100 million), and Mubadala Investment ($75 million) may subscribe to $275 million in total.
Kanzhun intends to use the proceeds from the public offering to invest in technology infrastructure, and research and development.
The final IPO price will be set on June 10, as Bloomberg News reported, and its shares will start trading the following day. Goldman Sachs, Morgan Stanley, UBS Investment Bank, and China Renaissance are the joint bookrunners on the deal.
Each ADS represents two ordinary shares. One Class A share carries one voting right, and one Class B share carries 1.15 voting rights. Pre-IPO, Kanzhun’s CEO, Peng Zhao owns 100% Class B shares, which means he will have 76.2% of the aggregate voting power after the company goes public.
The company’s core innovative product, Boss Zhipin, is a mobile app that allows job-seekers and employers to communicate directly.
The monthly active users (MAU) of Boss Zhipin grew to 30.6 million in March, compared to an average MAU of 19.8 million in 2020, according to its prospectus. As of 31 March, it has 13 million enterprise users, and 83% of its business clients are small-to-medium enterprises.
Despite being still unprofitable, Kanzhun has seen its net loss narrow RMB 176.2 million yuan in the first quarter from RMB 278.8 million a year earlier, and its revenue surge by 179% to RMB 789 million.