Kanzhun Launches 30 Mln Share Offering, Stock Plunges

(RTTNews) - Kanzhun Ltd. (BZ), an online recruitment platform in China, on Tuesday announced the launch of a share offering of 30 million Class A ordinary shares. The offer includes 3 million shares for the Hong Kong public offering and 27 million shares for an international offering.

The company has set a maximum price of $78.00 Hong Kong dollars per share for its Hong Kong offering. The final price for the international offering could be the same or higher. Both final prices will be decided by July 2.

The Hong Kong price will be set at the lower of the final international price or $78.00 Hong Kong dollars.

The company intends to strengthen its financial flexibility, expand its shareholder base, improve stock liquidity, and support long-term growth.

The net proceeds will be used for technology and infrastructure investments, new business development, strategic acquisitions or investments, and general corporate and working capital needs.

The shares offered in the Hong Kong Public Offering and the International Offering may be reallocated, including through a clawback mechanism.

The company also has the option to increase the total number of shares offered by up to 4.5 million additional Class A ordinary shares, 15% of the initial offer size.

This option can be exercised at any time up to the Price Determination Date.

In the pre-market trading, Kanzhun is 3.79% lesser at $17.01 on the Nasdaq.