So-Young Celebrates New York Debut, Stock Soars 33% Intraday
The company, which promotes plastic surgery products in China, has priced its shares at the higher end of the expected range and saw its shares jump 33 percent in the first hours of trading.
(Updated to reflect intraday stock price)
So-Young International Inc. (Nasdaq: SY) has lifted off on the Nasdaq Global Market Thursday with fanfare, as its shares soared 33 percent in the first hours of trading, to $18.34 apiece.
The Beijing-based company, a content provider in China's plastic surgery market, has raised $179.4 million in its initial public offering, having priced 13 million American depositary shares at the high end of the expected range of $11.80 to $13.80 per share.
So-Young initially sought to raise $150 million in its New York IPO but raised the target in late April.
The 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."
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.
Underwriting So-Young's IPO are Deutsche Bank Securities Inc. and China International Capital Corporation Hong Kong Securities Ltd. Underwriters may optionally acquire an additional 2 million shares for over-allotment.