Chinese-Owned Dating App Plans To Raise $85 million In US IPO
Blued, which claims to be the world’s largest gay social network app, has announced plans for a US Initial Public Offering (IPO).Last week, China-based BlueCity Holdings in its filings with the Securities and Exchange Commission revealed that it plans to raise around $85 million in an IPO of American Depositary Shares (ADS).The IPO scheduled to hit the market on Wednesday July 8 is planning to sell 5.3 million ADS at a price of $15-$17 per ADS.With over 49 million registered users, as of March 2020, the scale of Blued’s ambitions are matched only by its meteoric rise over the past decade.