111, which runs an online retail drugstore and healthcare platform in China, announced terms for its IPO on Wednesday.
The Shanghai, China-based company plans to raise $140 million by offering 9.3 million ADSs at a price range of $14 to $16. Insiders intend to purchase $20 million worth of shares in the offering (14% of the deal). The company originally filed with a $200 million deal size. At the midpoint of the proposed range, 111 would command a fully diluted market value of $1.3 billion and an enterprise value of $1.1 billion.
111 was founded in 2010 and booked $184 million in revenue for the 12 months ended June 30, 2018. It plans to list on the NYSE under the symbol YI. J.P. Morgan, Citi and CICC are the joint bookrunners on the deal. It is expected to price during the week of September 10, 2018.
