So-Young Raises IPO Target to $180 Million
The Chinese promoted of plastic surgery products is expected to float on the Nasdaq Global Market under the symbol "SY" on May 2.
So-Young International Inc., a content provider in China's plastic surgery market, has increased its target for the initial public offering in New York by 20 percent to up to $179.4 million.
The Beijing-based company updated its prospectus with the U.S. Securities and Exchange Commission this week, saying it seeks to sell up to 13 million American depositary shares. It expects to price its offering at between $11.80 and $13.80 per share.
In an earlier filing, the company targeted up to $150 million in its IPO.
So-Young 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."
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.
So-Young said it intends to invest the proceeds of its offering in technology, brand promotion, 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 is expected to float on the Nasdaq Global Market under the symbol "SY" on May 2.