Chinese dating app Blued parent seeks to raise $50m in Nasdaq IPO

Photo: REUTERS/Brendan McDermid/Files

BlueCity Holdings, owner of China’s biggest dating app for gay men, aims to raise $50 million from an initial public offering of American depositary shares (ADSs), it said in a prospectus filed to the U.S. Securities and Exchange Commission on Tuesday.

The offer price for each ADS is yet to be finalised, it said in the prospectus, adding that the ADSs will be traded on the Nasdaq global market under the symbol “BLCT”.

“Being a public company will encourage us to continue expanding our brand globally, improving our corporate governance and optimizing our products and services for the LGBTQ community,” Ma Baoli, founder and CEO of BlueCity Holdings Ltd, wrote in the prospectus.

The proceeds from the IPO will be used for market expansion to gain more users for the company’s Blued dating app, as well as investment in technology such as artificial intelligence and data, BlueCity said in its prospectus.

Founded in 2011, BlueCity says it has 49 million registered users in over 210 countries. It added that it has 6 million monthly active users, 49% of them from outside China.

BlueCity reported revenue of $29.3 million in the three months ended March, according to the prospectus.

AMTD, CLSA, Loop Capital Markets, and Tiger Brokers are among underwriters for the IPO, BlueCity said in the filing.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.