Daily NewsView All News
Chinese job board Zhaopin Ltd has signed an underwriting agreement in relation to its initial public offering (IPO). Beijing-based Zhaopin was China’s second-largest online recruitment services provider in 2013 after 51job.
SEEK International Investments Pty Ltd, a subsidiary of Australian job board SEEK Ltd, hold a 79% stake in Zhaopin.
The issued shares will consist of 5.61 million American depository shares (ADSs) each representing two Class A ordinary shares. If the underwriters exercise their option to purchase additional ADSs, up to an addition 840,000 ADSs will be issued as part of the IPO.
The price per ADS is USD 13.50, which values the company at approximately USD 746 million. The gross proceeds of the IPO are expected to be USD 76 million.
Zhaopin’s ADSs are expected to begin trading on the New York Stock exchange on 12 June 2014 under the symbol ‘ZPIN’.
Immediately following the IPO, SEEK will be the majority shareholder with an undiluted equity interest of 68.3%, assuming the underwriters do not exercise their option to purchase additional ADSs. SEEK is not selling any of its shares in the offering.
Jason Lenga, Managing Director of SEEK International, commented: “This is an important milestone for Zhaopin. The IPO will enhance Zhaopin’s brand and provide additional funding to pursue new growth opportunities. SEEK looks forward to working with Evan Guo (CEO) and the Zhaopin team to continue delivering great outcomes for jobseekers and hirers.”