Comprehensive M&A data with integrated detailed company information

So-Young checks in for Nasdaq listing
Posted on Tuesday, 09 April 2019 13:45
So-Young International, the Cayman Islands-incorporated, Beijing-headquartered plastic surgery app backed by Tencent, has filed for an initial public offering (IPO) of American depository shares in the US.

Proceeds from the proposed debut on Nasdaq will be invested in technology and research and development, brand promotion and user acquisition efforts, horizontal and vertical business expansions and improving content offering.

Deutsche Bank Securities and China International Capital are joint bookrunners on the first-time share sale, which currently has a USD 150.00 million placeholder.

In October, it was reported the company was working on an IPO that could value the app at between USD 2.00 billion and USD 3.00 billion.

So-Young operates in the highly fragmented and competitive medical aesthetic services industry in China, which is one of the fastest growing markets and expected to become the largest globally by 2021, according to the prospectus.

The company claims to be the leading and the most popular online destination for discovering, evaluating and booking medical aesthetic services in China.

It had over 240.00 million average monthly views in the fourth quarter of 2018 and the mobile app accounted for 84.1 per cent of total daily user time spent on online cosmetic platforms for the year.

So-Young’s site facilitated CNY 2.10 billion-worth (USD 306.60 million) of medical aesthetic treatments in 2018, which representing 33.1 per cent of all these types of elective procedures booked online in that year.

The company generate revenues mainly through information and reservation service fees charged to medical aesthetic business: in the 12 months ended 31st December 2018 its top line reached USD 89.80 million.

According to the prospectus, medical aesthetic companies in China acquire their customers through offline channels, such as beauty salons and outdoor advertisement, as well as online channels ranging from search engines to industry-specific platforms.

© Zephus Ltd