BRIEF: Kanzhun to raise up to $288 million via new share sale

Boss Zhipin recruitment platform operator Kanzhun Ltd. (2076.HK; BZ.US) announced on Tuesday that it plans to sell up to 30 million new class A ordinary shares for a maximum of HK$78 per share, representing a premium of up to 14% over Tuesday’s close of HK$68.40. The company expects to raise net proceeds of HK$2.26 billion ($288 million) from the sale.

Kanzhun said it plans to use proceeds for the sale to invest in technology and related infrastructure, develop new business initiatives, pursue strategic acquisitions or investments and for general corporate purposes. The offering is scheduled to price next Wednesday, with trading of the new shares set to begin next Friday.

Kanzhun was listed on the Nasdaq in 2021 and completed a second listing on the Hong Kong Stock Exchange in December 2022. According to its latest financial report, the company’s revenue rose 12.9% year-on-year in this year’s first quarter to 1.92 billion yuan, while its net profit surged 111.9% to 512.1 million yuan.

The company’s New York-listed stock rose 2.32% to close at $18.09 on Tuesday in New York.

By Lee Shih Ta

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