Lucas GC, which provides online recruiting and outsourcing services in China, raised the proposed deal size for its upcoming IPO on Wednesday. In its latest filing, the company also replaced joint bookrunners The Benchmark Company and Valuable Capital with Prime Number Capital, and disclosed financials for the year ended December 31, 2022.
The Beijing, China-based company now plans to raise $20 million by offering 3.1 million shares at a price range of $6 to $7. At the midpoint of the range, it would command a market value of $527 million. The IPO float is just 3.8% of basic shares outstanding. The company had previously filed to raise $6 million at a $338 million market cap. At the revised terms, Lucas GC will raise 213% more in proceeds than previously anticipated at a 56% higher market cap.
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. As of December 31, 2022, Lucas GC had approximately 431,220 active registered users.
Lucas GC was founded in 2011 and booked $108 million in revenue for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol LGCL. Prime Number Capital is the sole bookrunner on the deal.
