NEW YORK, Oct. 25 (Xinhua) -- Aesthetic Medical International Holdings, a Chinese aesthetic medical services provider, started trading on the Nasdaq Global Market on Friday.
The company priced its initial public offering (IPO) of 2.5 million American Depositary Shares (ADSs) at 12 U.S. dollars per ADS, which was the midpoint of its expected price range.
The company was traded under the symbol AIH. Each ADS represents three of the company's ordinary shares.
The underwriters have an option to purchase up to an additional 375,000 ADSs from us within a period of 30 days after the date of its prospectus, said the company's latest prospectus.
It's estimated that net proceeds from the offering will reach approximately 24.3 million dollars, or approximately 28.5 million dollars if the underwriters exercise their option to purchase additional ADSs in full after fees.
Founded in 1997, the Shenzhen-based firm mainly offers surgical aesthetic treatments, such as eye surgery and breast augmentation, as well as non-surgical aesthetic treatments, such as laser and ultrasound treatments.
The company's revenue has been primarily driven by aesthetic treatments services.
In the six months ending June 30, its revenue grew to 57.3 million dollars, up from around 50.3 million dollars in the six months ending June 30, 2018, according to its prospectus.
So far, it is the third-largest private aesthetic medical services provider in China in terms of revenue in 2018, which registered 110.9 million dollars, according to U.S. consultancy Frost & Sullivan.
"China's medical beauty industry has great growth potential. With a low penetration rate, its growth potential is very large," Zhou Pengwu, CEO of Aesthetic Medical told Xinhua on Friday.
"It is expected to maintain a compound annual growth rate of around 25 percent in the future, which is relatively rare in the consumer and medical services sectors," the CEO said.
The overall aesthetic medical services market in China grew rapidly from 2014 to 2018, and is expected to grow to around 50.85 billion dollars in 2023, according to Frost & Sullivan.
"With constantly changing social concepts, young people's attitude towards medical beauty has shifted. And the market penetration rate is expected to increase year by year," Zhou added.
Shares of Aesthetic Medical fell 1.97 dollars, or 16.42 percent, to close at 10.03 dollars apiece around market close.
