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Online jobs company SEEK Limited (ASX:SEK) has today announced that its 79 per cent owned Chinese jobs firm Zhaopin intends to list on the US stock exchange in a bid to raise up to $100 million. The number and price range of the IPO have yet to be determined but Credit Suisse and UBS are underwriting the deal.
Zhaopin says it intends to use proceeds from listing to pay off debt, upgrade its website and to develop more products for more markets. Jason Lenga, managing director of Seek International has been appointed the Chairman of Zhaopin. The Beijing based zhaopin.com is believed to be China’s second largest online jobs website.
The company plans to list its American Depositary Shares on the New York Stock Exchange under the ticker ZPIN. The announcement follows SEEK’s recent purchase of a 25 per cent stake in Bangladesh’s leading online employment marketplace bdjobs.com and continues SEEKs strategy for expansion into the Asian market.
SEEK Limited (ASX:SEK) produced a profit result of $124.5 million for the half year ending December 31, 2013.
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