ZipRecruiter, which operates an online job marketplace, filed on Friday to register its shares with the SEC and complete a direct listing on the NYSE. The profitable company will not raise new capital as existing shareholders sell the Class A shares listed. ZipRecruiter did not disclose the initial tradable float, a reference price, or anticipated timing of its listing.
In November 2020, roughly 3.0 million shares were repurchased from three of the company's founders at $6.36 per share. Management estimated the fair value to be $25.04 per share as of April 19, 2021. If the company listed its shares at $25.04, it would command a fully diluted market value of $3.3 billion.
ZipRecruiter is a two-sided marketplace for work. Over 2.8 million businesses and 110 million job seekers have utilizing ZipRecruiter's services since its inception, and the company states that it has been the #1 rated job seeker app on iOS and Android for the past four years.
The Santa Monica, CA-based company was founded in 2010 and booked $418 million in revenue for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol ZIP. ZipRecruiter filed confidentially on January 29, 2021. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Goldman Sachs, J.P. Morgan, Barclays, Evercore ISI, William Blair, and Raymond James will serve as financial advisors.
