KANZHUN Ltd., the owner of Chinese online recruitment platform Boss Zhipin, is looking to raise as much as US$912 million in its U.S. initial public offering (IPO), braving the market at a time when many other companies are choosing to wait on the sidelines.

Kanzhun, backed by Chinese Internet giant Tencent Holdings Ltd., is offering 48 million American depositary shares at between US$17 and US$19 apiece, according to a filing with the U.S. Securities and Exchange Commission.

Each American depositary share (ADS) represents two ordinary shares.

If the company prices the stock at the top end of the range, it will be the biggest IPO by a Chinese company in the United States since software firm Tuya Inc’s US$947 million offering in March.

A number of Chinese firms have put U.S. listing plans on hold recently because of souring investor sentiment toward fast-growth companies and lackluster debuts. The last company from the Asian nation to go public in the United States, insurance tech firm Waterdrop Inc., has slumped 30 percent from its offering price since its debut in early May.

A bike-sharing platform, a podcaster and a cloud computing firm are among Chinese companies holding off plans for a U.S. float after having filed publicly.

Kanzhun developed the Boss Zhipin mobile app, which connects job seekers and employers and is China’s largest online recruitment platform, according to its prospectus. Its monthly active users grew to 24.9 million in the first quarter of 2021 from 14.5 million a year earlier.(SD-Agencies)