Apax to invest $15m in China's Zhaopin alongside IPO
Zhaopin, a Chinese recruitment website which has previously raised capital from several VC firms, will receive $15 million from Apax Partners alongside a US IPO.
The Beijing-based company is offering 5.6 million shares at an indicative price range of $12.05-14.5 apiece with a vie wto raising up to $93 million, according to a regulatory filing. A vehicle advised by Apax Partners will purchase 2.2 million Zhaopin shares assuming the IPO is prices at the mid-point of the indicative range.
According to AVCJ Research, Zhaopin raised two rounds of funding from Taiwan-based iDTech Ventures, Legend Capital, Orchid Asia and Macquarie Capital between 2005 and 2008.
Australian online job classified business operator Seek acquired a majority stake from VC investors in the Chinese company through several transactions. Upon completion of the IPO, Seek's interest in Zhaopin will drop to 68.3% from a current holding of 79%.
Founded in 1997, Zhaopin claims to be the second-largest online recruitment services provider in China, with more than 77 million registered users. The company generated RMB756.7 million ($121.7 million) in revenue for the nine months to March 2014, up from RMB663.6 million for the same period in 2013. It recorded a net profit of RMB129 million for the nine months to March.
Credit Suisse and UBS are the joint bookrunners on the deal.
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