BlueCity Holdings, a leading online LGBTQ community and dating platform in China, filed on Tuesday with the SEC to raise up to $50 million in an initial public offering.
BlueCity provides a full suite of LGBTQ-focused services centered around the Blued mobile app, which allows users to connect, socialize, and access professional health and family planning services. As of March 31, 2020, the company had over 49 million registered users on Blued, and its average MAUs grew from 4.1 million in the 1Q18 to 6.0 million in the 1Q20.
The Beijing, China-based company was founded in 2011 and booked $116 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol BLCT. BlueCity Holdings filed confidentially on November 22, 2019. AMTD Global Markets, CITIC CLSA, Loop Capital Markets, and Tiger Brokers are the joint bookrunners on the deal. No pricing terms were disclosed.
