Kanzhun, a leading online recruitment platform in China, announced terms for its IPO on Friday.
The Beijing, China-based company plans to raise $864 million by offering 48 million ADSs at a price range of $17 to $19. New and existing investors have indicated on buying up to $375 million of the IPO (43% of the deal). At the midpoint of the proposed range, Kanzhun would command a fully diluted market value of $8.2 billion.
Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. Kanzhun was China's largest online recruitment platform by MAUs in 2020 with 20 million MAUs. The company states that it uses data insights to deliver more accurate matching results.
Kanzhun was founded in 2013 and booked $374 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol BZ. Goldman Sachs, Morgan Stanley, UBS Investment Bank, and China Renaissance are the joint bookrunners on the deal. It is expected to price during the week of June 7.
