So-Young International, a Chinese online marketplace for plastic surgery services, has secured $179.4 million in its U.S. listing at the high end of its original price range of $11.80 to 13.80.
After selling 13 million American depositary shares (ADSs) at $13.80 apiece, So-Young expects the price range to increase if the underwriters exercise their right to purchase an additional 1.95 million ADSs to cover over-allotments.
So-Young will allocate the new funds towards research and development, brand promotion and user acquisition efforts, business expansion, as well as other general corporate purposes.
The company's revenues increased rapidly by 428.2 percent from $7.3 million in 2016 to $92 million last year.