So-Young, Promoter of Plastic Surgery Products, Seeks $150 Million IPO
The online platform has filed to trade on the Nasdaq Global Market under the symbol “SY.”
So-Young International Inc., a content provider in China's plastic surgery market, seeks to sell $150 million worth of its American depositary shares on Wall Street.
The Beijing-based company provides online content focusing on evaluating, discussing, and facilitating the sales of medical aesthetic services for improving cosmetic appearance in China and states its mission as "to bring beauty and health to everyone."
"Our founders set up So-Young to transform the fast-growing yet opaque medical aesthetics market in China by providing transparent information, which ultimately allowed us to build a one-stop destination where users can conveniently find quality services," So-Young said in its preliminary prospectus filed Monday.
The platform gets more than 240 million average monthly views and accounted for 84 percent of daily user time spent on online medical aesthetic service apps last year, its report said. It has facilitated $306.6 million worth of transactions in 2018.
Revenue last year reached $89.8 million, up 138 percent from 2017. Its net income was $8 million last year, So-Young reported.
In its filing, So-Young cited research by Frost & Sullivan saying total revenue of the medical aesthetic service industry in China is expected to grow at a compound annual growth rate (CAGR) of 24 percent to $52.4 billion by 2023. It said, China's market of medical aesthetic services has become one of the fastest-growing in the world and ranked second in size in 2017. By 2021, it is bound to become the largest globally, So-Young claimed.
The company positions itself as one of the most trusted online platforms for the services it promotes. It featured products and services of approximately 4,000 medical aesthetic service providers as of Dec. 31.
So-Young said it intends to invest the proceeds of its offering in technology, brand promotion, and user acquisition, and business expansion, as well as to enhance the content on its platform.
Underwriting So-Young's IPO are Deutsche Bank Securities Inc. and China International Capital Corporation Hong Kong Securities Ltd.
So-Young intends to trade on the Nasdaq Global Market under the symbol "SY."