NEW YORK, April 23 (Xinhua) -- So-Young International Inc., a Chinese online platform for medical aesthetic services, announced terms for its initial public offering (IPO) on the U.S. stock market late Monday.
The company plans to list on the Nasdaq under the symbol "SY" by offering 13 million American depositary shares (ADSs) at a price range of 11.80 to 13.80 U.S. dollars per ADS, according to its prospectus filed with the U.S. Securities and Exchange Commission.
Thirteen ADSs represent 10 Class A ordinary shares of the company.
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.
Founded in 2013, So-Young International 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 filing showed.
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, said the company in its prospectus, citing business consulting firm Frost & Sullivan's report.
