ZKH Group, a Chinese B2B procurement platform for industrial supplies, raised $62 million by offering 4 million ADSs at $15.50, the low end of the range of $15.50 to $17.50. Existing shareholders had indicated on $15 million worth of ADSs in the offering (24% of the deal). The IPO float is just 2.5% of basic shares outstanding, or 1.9% after insider indications.
ZKH Group states that it is a leading MRO (materials for maintenance, repair, and operations) procurement service platform in China, providing one-stop MRO procurement and management services, as well as digital and fulfillment solutions along the industry value chain. The company operates two platforms, ZKH platform and GBB platform. On the ZKH platform, the company operates both product sales and marketplace model and mainly serves enterprise customers. The GBB platform primarily operates through a product sales model and serves micro businesses.
ZKH Group plans to list on the NYSE under the symbol ZKH. Deutsche Bank, China Renaissance, and CICC acted as joint bookrunners on the deal.
