BlueCity Holdings, a leading online LGBTQ community and dating platform in China, announced terms for its IPO on Wednesday. In its latest filing, the company also removed CITIC as an underwriter and added Prime Number Capital and R.F. Lafferty & Co.
The Beijing, China-based company plans to raise $85 million by offering 5.3 million ADSs at a price range of $15 to $17. Co-founder and CEO Ma Baoli intends to purchase $5 million worth of ADSs in the offering. At the midpoint of the proposed range, BlueCity Holdings would command a fully diluted market value of $614 million.
BlueCity Holdings 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. AMTD Global Markets, Loop Capital Markets, Tiger Brokers, Prime Number Capital and R.F. Lafferty & Co. are the joint bookrunners on the deal.
