Aesthetic Medical International Holdings Group Ltd. priced its IPO of 2.5 million American depositary shares to raise about $30 million in gross proceeds.
The Shenzhen, China-based company, which provides aesthetic surgery services such as eye and nose surgery, breast augmentation and liposuction, will sell each ADS in the IPO at $12. Each ADS represents 3 ordinary shares of the company.
Aesthetic Medical's ADSs started trading on the Nasdaq Global Market on Oct. 25 under the ticker symbol AIH and were down 30.5% to $8.34 as of 11:58 a.m. on the first day of trading.
The company has granted underwriters the option to purchase up to an additional 375,000 ADSs. Full exercise of the option will increase the gross proceeds to about $34.5 million.
Pengwu Zhou is chariman and CEO of Aesthetic Medical.
Aesthetic Medical expects to close the IPO on Oct. 29, subject to closing conditions.
Cantor Fitzgerald & Co., Haitong International Securities Co. Ltd. and Prime Number Capital LLC are joint book-runners for the IPO. Maxim Group LLC, Tiger Brokers (NZ) Ltd. and Valuable Capital Ltd. are co-managers for the offering.