China-based online recruitment platform developer Kanzhun filed for an initial public offering in the United States on Friday that will give corporates Tencent and Sunshine Life the chance to exit.
Kanzhun runs an online platform called Boss Zhipin with almost 25 million monthly active users that utilises artificial intelligence to link jobseekers to prospective employers. It almost doubled revenue year on year to $295m in 2020, though its net loss rose 87% to $144m in the same period.
The company has set a $100m placeholder figure but is targeting $300m in the IPO, according to The Paper, and the proceeds will fund technology infrastructure and research and development, marketing and the prospective launch of new services.
Although it has not revealed extensive details of its earlier funding, Khanzun secured $28m in a 2016 series C round co-led by Meridian Capital China and Gaorong Capital, and its earlier backers included Ceyuan Venture Capital, Heyu Alternative Investment, Capital Today and Shunwei Capital.
GGV Capital, Goldman Sachs, Banyan Capital Partners, Hina Group, MSA Capital, CTG Evergreen Investment, Shunwei Capital and an entity known as Delicate Master provided $130m in series E funding for Kanzhun in 2018 according to the IPO filing.
Insurance firm Sunshine Life and a vehicle called Inspiring Link supplied $50m in series E-plus financing across March and June 2019 before internet and gaming group Tencent added $50m in July.
Tencent and Coatue Management invested $150m in the company through a February 2020 series F round, and it raised $270m in series F-plus funding from Coatue, GGV Capital, Sequoia Capital China and Huaxing Growth Capital in November.
Founder, chairman and CEO Peng Zhao owns all 140 million of Kanzhun’s class B shares, while Tencent holds 12.2% of its 565 million class A shares.
CTG Evergreen has 14.7% of the class A’s while Banyan Capital Partners owns 9.4%, Ceyuan Ventures 8.7%, Coatue 7.8%, Goldman Sachs’ Global Private Opportunities Partners II fund 7.3%, GGV Capital 6.4% and MSA Capital 5.7%.
Goldman Sachs (Asia), Morgan Stanley, UBS Securities, China Renaissance Securities (Hong Kong), Haitong International Securities Company, Futu and Tiger Brokers (NZ) have been appointed underwriters for the offering.
