Chinese recruitment firm Kanzhun targeting $2.34b in share issuance

Chinese human resources company Kanzhun (2076), owner of the BOSS Zhipin recruitment app, plans to to raise up to HK$2.34 billion through the issuance of 30 million new Class A ordinary shares.

The issuance involves ten percent allocated to the Hong Kong public and the remainder offered internationally.

The offer price is capped at HK$78 per share, representing a premium of around 14 percent to the closing price on Tuesday. A minimum investment asks for around HK$7,879 per board lots of 100 shares.

The subscription period runs from Wednesday through next Monday, with shares expected to begin trading on July 4.

The company plans to use about forty-five percent of the proceeds to invest in technology and infrastructure, 35 percent for new business development, and the rest for strategic acquisitions, investments, and general corporate purposes.

Kanzhun went public in Hong Kong in December 2022 via a listing by introduction without raising funds. It is also dual-primary listed on Nasdaq.

STAFF REPORTER