ZipRecruiter set for public debut on Wednesday

ZipRecruiter

26/05/2021 13:09

** Jobs marketplace ZipRecruiter  ZIP.N  set to become the
4th high-profile tech startup in 2021 to go public via a direct
listing
    ** NYSE on Tues set ZIP's reference price at $18, pegging
co's market cap at ~$2.4 bln; shares to begin trading with
symbol "ZIP"
    ** The reference price is not an offering price as a
traditional IPO. The opening price will be determined by buy and
sell orders collected by NYSE from broker-dealers
    ** Early Tues, ZIP said had 133.1 mln shares outstanding on
fully diluted basis, noting that only Class A shares (73.8 mln)
eligible for the direct listing  urn:newsml:reuters.com:*:nBwbctS6La
    ** Last week, ZIP forecast 2021 rev of $580-$600 mln
(implying 39%-44% yr/yr growth) and adj EBITDA of $20-$28 mln
(See Shareholder Letter https://www.sec.gov/Archives/edgar/data/1617553/000162828021010550/exhibit992-8xkshareholderl.htm)
    ** ZIP joins website building and hosting firm Squarespace
 SQSP.N , which debuted last week, as well as gaming co Roblox
Corp  RBLX.N  and crypto-exchange operator Coinbase Global
 COIN.O , in choosing direct listings to go public this year
    ** Goldman Sachs and JP Morgan acting as ZIP's lead
financial advisers, along with Barclays, Evercore, William
Blair, and Raymond James

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))