Australian jobs site SEEK is getting ready to launch an IPO for Chinese jobs site Zhaopin in the US which will value the company at between $US700 and $US816 million.
SEEK has filed an amended registration statement with the US Securities and Exchange Commission which includes the sale of $US15 million in ordinary Zhaopin shares to a company advised by private equity firm Apax Partners subject to completion of the IPO.
The company is looking to raise between $US95 million and $US110 million from the NYSE listing which a SEEK spokesperson said all going well would be completed before June 30 2014.
The amended registration includes a price range of between $US12.50 to $US14.50 a share.
SEEK is the majority shareholder in Zhaopin, holding about 79% in the company pre IPO. After IPO this stake will fall to about 67% on an undiluted basis.
None of Zhaopin’s existing shareholders will be selling shares into the IPO, SEEK said.
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