Jobs website operator Zhaopin plans US$100m IPO in New York

PUBLISHED : Tuesday, 06 May, 2014, 10:02am
UPDATED : Tuesday, 06 May, 2014, 10:02am

Chinese jobs website operator Zhaopin filed with US regulators to raise up to US$100 million in an initial public offering of American depositary shares.

Australia's Seek International Investments Pty - controlled by Seek Ltd, which provides online employment advertising, training courses and invests in online employment marketplaces -  holds 79 per cent of Zhaopin’s shares.

Beijing-based Zhaopin operates and was China’s second-largest online recruitment services provider by revenue last year, the company said on Monday, citing market research firm iResearch Public Data.

Zhaopin said it reported a loss of 20.51 yuan (HK$25.82) per share for the year to June 30 last year, compared with a profit of 1.68 yuan per share a year earlier.

The company told the US Securities and Exchange Commission in a preliminary prospectus that Credit Suisse and UBS Investment Bank were underwriting the IPO.

Zhaopin said it planned to use the proceeds from the offering to repay debt, expand into more markets, develop products and upgrade its website.

The filing did not reveal how many shares the company planned to sell or their expected price.

The company intends to list its common stock on the New York Stock Exchange under the symbol ZPIN.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.