So-Young IPO: What You Need To Know

This online medical marketplace wants to help beautify China, and it's looking for investors to help beautify its strategy.


So-Young International Inc. will issue 13 million shares on the Nasdaq under ticker SY, according to the firm’s F-1 filing. Priced between $11.80 and $13.80, the offering represents 100 percent of outstanding shares and is expected to bring in about $206.31 million.

Lead underwriters include Deutsche Bank and CICC.

The company qualifies as an emerging growth company and foreign private issuer in the U.S., which exempts management from certain SEC disclosure requirements.

The Company

Launched in 2013, the online platform services as a marketplace for China’s 10,000 plastic surgery service providers. Its site allows users to discover, assess and set appointments with the region’s aesthetic medical professionals.

The company reported 240 million average monthly views in the final quarter of 2018. Through the entire year, it facilitated $306.6 million in transactions representing nearly a third of medical aesthetic treatments booked online.

Estimates suggest China is the second largest medical aesthetic service markets and is positioned to take first by 2021. Total industry revenues are forecasted to reach $52.4 billion by 2023.

As of last year, service providers spent 25.8 percent of revenues, or $4.6 billion, on customer acquisition, with $2.6 billion concentrated online. That rate is projected to grow to $7.2 billion by 2023

The Finances

In 2018, So-Young recorded 138-percent year-over-year revenue growth and 220.2 percent net income growth. Revenue came in at $89.8 million with a net income of $8 million.

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