Blue City, owner of Blued, China’s biggest LGBTQ+ dating app, raised US$85 million in a Nasdaq IPO. The company is the first business in the world built on the LGBTQ+ community to go public.
Blue City had issued 5.3 million American depositary shares and started trading on 8 July.
King & Wood Mallesons and Skadden acted as the issuer’s China and US legal counsel, respectively. Global Law Office and Simpson Thacher acted as the Chinese and American legal counsel for the joint bookrunners and lead underwriter.