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BlueCity Holding's Stock Rose 46% on First Day Tradings

CY Seah
Esther Thin

BlueCity Holdings Limited’s stocks skyrocketed on its first day of trading on July 8, 2020, a bullish start for the company on Wall Street. Its share price rose 46.44% to $23.43, giving the company a market cap value of $835 million.

The China largest online LGBTQ community and dating platform, BLUED, raised $85 million by offering 5.3 million ADSs at $16, at the midpoint of the proposed range of $15 to $17.

BLUED mobile app, which allows users to connect, socialize, and access professional health and family planning services. As of March 31, 2020, the company had over 49 million registered users on BLUED, and its average monthly active users grew from 4.1 million in the 1Q18 to 6.0 million in the 1Q20, according to the filing.

The Beijing, China-based company was founded in 2011 and booked $116 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq Global Market under the symbol “BLCT.” AMTD Global Markets, Loop Capital Markets, Tiger Brokers, Prime Number Capital and R.F. Lafferty & Co. are underwriters on the company’s share sale.

The company engages Skadden, Arps, Slate, Meagher & Flom LLP as US Securities Counsel, and KPMG Huazhen LLP as Independent Auditor. The company uses the Frost & Sullivan (Beijing) Inc’s research report as supporting in the Registration Statement.

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