The IPO market ended the week with three deals. Kanzhun, a Chinese job-recruitment app; TaskUs, a digital outsourcer; and biotech Janux Therapeutics listed their shares Friday.
All three companies traded on the Nasdaq.
Janux Therapeutics (ticker: JANX) was the first to open. Shares kicked off at $34, double the offer price, and shot up to $37.99. The stock recently changed hands at $25.04, up 47% from its offer price.
The rousing performance came after Janux collected $194 million in its initial public offering. The La Jolla, California company sold 11.4 million shares at $17 each, the top of its $15 to $17 range.
Founded in 2017, Janux is developing T-cell therapies to treat cancer. The company plans to submit at least two investigational new drug application submissions by the end of 2022. It has 20 employees, a prospectus said.
Kanzhun (BZ) also turned in a strong debut. The stock opened at $33.50, hit a high of $35.74, and recently changed hands at $35.50, up 86%.
Kanzhun is Friday’s biggest deal, after raising $912 million. The Beijing company sold 48 million American depositary shares at $19 each, the top of its $17 to $19 price range. Each ADS represents two Class A shares.
Kanzhun is China’s top mobile job-recruitment platform by both downloads and revenue since 2019. Its app, Boss Zhipin, translates literally into “Boss direct recruitment.” The app aims to connect job seekers in China with midlevel managers and recruiting professionals. Monthly average users jumped nearly 72% to 24.9 million for the three months ended March 31, the prospectus said. Kanzhun is backed by Tencent, which will own 2.5% of voting power after the initial public offering.
Lastly, TaskUs (TASK) began trading. Shares opened at $23, peaked at $30.23 and recently traded at $28.93, up nearly 26%.
The digital outsourcer collected $303.6 million after selling 13.2 million shares at $23, the middle of its $22 to $24 price range.
Of the 13.2 million shares offered, roughly 5.6 million is coming from the company. This means TaskUs will receive about $128 million from the IPO. Stockholders are offering the remaining 7.6 million shares. TaskUs said it plans to use proceeds from the IPO to pay $127.4 million for phantom stock held by current and former employees that is due once the IPO closes.
Founded in 2008, TaskUs provides outsourced digital services like customer support, content security, and sales generation for its more than 100 clients, the prospectus said. This includes Zoom Video Communications (ZM), Uber Technologies (UBER), Coinbase Global (COIN), Netflix (NLFX), and Oscar Health (OSCR). It employs 27,500 people spread across 18 locations in the United States, the Philippines, India, Mexico, Taiwan, Greece, Ireland and Colombia.
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