Credit Suisse and UBS Investment Bank were the joint bookrunners
By Devika Patel
Knoxville, Tenn., July 2 – Zhaopin Ltd. said the underwriters for its initial public offering of American Depositary Shares opted to exercise the deal’s $11.36 million greenshoe in full for total proceeds of $87.1 million. The deal priced for $75.74 million with the greenshoe on June 12.
The company sold 6,451,500 ADS at $13.50 apiece. Each ADS represents two ordinary shares. Of the ADS, 841,500 were part of the fully exercised greenshoe.
Credit Suisse and UBS Investment Bank were the joint bookrunners.
Proceeds will be used for expansion, product development, upgrades, working capital and general corporate purposes, including investments and potential acquisitions.
The Beijing company operates a career-focused website in China. The company has applied to list the ADSs on the NYSE exchange under the symbol “ZPIN.”
| Issuer: | Zhaopin Ltd.
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| Issue: | American Depositary Shares, each representing two ordinary shares
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| Amount: | $87,095,250 (including $11,360,250 greenshoe)
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| ADS: | 6,451,500
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| Price: | $13.50
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| Warrants: | No
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| Bookrunners: | Credit Suisse and UBS Investment Bank
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| Pricing date: | June 12
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| Settlement date: | July 2
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| Stock exchange: | NYSE: ZPIN
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