51job Inc., China's employment recruitment services company, has announced that its planned initial public offering will consist of 5.25 million American Depositary Shares (ADS) at an estimated price range of $11 to $13 each, with each ADS representing two common shares.
The company's underwriters, which are led by Morgan Stanley, will have the option to buy an additional 787,500 ADS, according to an amended offering document filed with the U.S. Securities and Exchange Commission. At one point, in late, July, it was rumoured that 51job would be delaying its IPO are concerns were voiced about the market as a whole, as well as high oil prices, but no postponement was filed with the SEC.
According to the latest IPO document, Shanghai-based 51job expects to raise $57 million from the offering. It will use the money for working capital, to purchase software and equipment, to fund marketing efforts and acquisitions, and for general corporate purposes.