Lucas GC, which provides online recruiting and outsourcing services in China, lowered the proposed deal size for its upcoming IPO on Thursday.
The Beijing, China-based company now plans to raise $6 million by offering 1.3 million shares at a price range of $4 to $6. The company had previously filed to offer 3.1 million shares at a range of $6 to $7. At the midpoint of the revised range, Lucas GC will raise 69% less in proceeds than previously anticipated. The IPO float is just 1.6% of basic shares outstanding.
Initially focused as a recruitment assistance company, Lucas GC has since expanded to offer one of the first AI+ recruitment platforms in China. The company currently operates two platforms, Columbus and Star Career, which provide recruitment services, outsourcing services, and other services such as information technology and training. In the 1H23, Lucas GC served 390 corporate customers, and at the end of 2022, its platforms had over 430,000 active users.
Lucas GC was founded in 2011 and booked $178 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol LGCL. Joseph Gunnar is the sole bookrunner on the deal.
