So-Young International Inc., a Chinese online platform for medical aesthetic services, filed on Monday for an initial public offering (IPO) on the U.S. stock market.
The company plans to list on the NASDAQ under the symbol "SY," with an expectation to raise up to 150 million U.S. dollars in the IPO, according to its prospectus filed with the U.S. Securities and Exchange Commission.
Deutsche Bank Securities and China International Capital Corporation (CICC) are the joint bookrunners on the deal. No pricing terms were disclosed.
The China's Beijing-based company was founded in 2013, with 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.
The company generates revenues primarily through information service fees and reservation service fees charged to medical aesthetic service providers.
It pocketed 89.8 million U.S. dollars in total revenues in 2018, according to its filing.
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, the company's prospectus revealed, citing business consulting firm Frost &Sullivan's report.
