NEW YORK, May 2 (Xinhua) -- So-Young International Inc., a Chinese online platform for medical aesthetic services, started trading on the Nasdaq Stock Market Thursday with its shares soaring more than 30 percent.
The company, trading under the ticker symbol of "SY," announced its initial public offering (IPO) of 13,000,000 American depositary shares (ADSs), at 13.80 U.S. dollars per ADS, for a total offering size of approximately 179.4 million dollars, assuming the underwriters do not exercise their over-allotment option to purchase additional ADSs.
Thirteen ADSs represent 10 Class A ordinary shares of the company.
So-Young started trading at 16.50 dollars per share on Thursday, surging 31.88 percent from its pricing, and closed at 18.20 dollars apiece.
Founded in 2013, the company applies a business model that connects a user's innate desire to be more beautiful with a personal, emotionally-attached discovery and assessment process on its platform.
It generates revenues primarily through information service fees and reservation service fees charged to medical aesthetic service providers.
The company pocketed 89.8 million U.S. dollars in total revenues with a net income of 8 million dollars in 2018, its prospectus showed.
The net proceeds of this offering will be used mainly for research and development, brand promotion and user acquisition efforts, business expansions, as well as other general corporate purposes, according to the company.
Deutsche Bank Securities Inc. and China International Capital Corporation Hong Kong Securities Limited are acting as joint bookrunners for the offering.
Medical aesthetic services are elective medical procedures that specialize in improving cosmetic appearance, thereby improving people's quality of life and psychological well-being.
The medical aesthetic service industry in China is large and rapidly growing. The total revenues of the industry reached 17.7 billion dollars in 2018 and are expected to reach about 52.4 billion dollars by 2023, according to a report by business consulting firm Frost & Sullivan.