BlueCity Holdings Limited, which operates China largest online LGBTQ community and dating platform, BLUED, has filed Amendment No. 1 to Form F-1 Registration Statement on July 1, 2020 with the U.S. Securities and Exchange Commission and announced terms for its IPO. The company plans to raise $85 million by offering 5.3 million ADSs at a price 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.
The listing comes as US exchanges look to apply more stringent rules on Chinese companies, following a string of accounting scandals that have burned some of the biggest names on Wall Street and drawn the attention of President Donald Trump. Nasdaq Inc has proposed regulations including minimum fundraising thresholds and stricter requirements for auditors.
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