Yatsen Holding, which makes cosmetics under the Perfect Diary, Little Ondine, and Abby's Choice brands in China, announced terms for its IPO on Friday.
The Guangzhou, China-based company plans to raise $558 million by offering 58.8 million ADSs at a price range of $8.50 to $10.50. Insiders intend to purchase $200 million worth of shares in the offering and third party investors intend to purchase an additional $100 million worth of shares. At the midpoint of the proposed range, Yatsen Holding would command a fully diluted market value of $6.4 billion.
Yatsen currently competes in the rapidly evolving China beauty market. Founded in 2016, the company has launched three color cosmetics and skincare brands: Perfect Diary, Little Ondine, and Abby’s Choice. Together, these three brands served 23.5 million direct-to-consumer customers in the nine months ended September 30, 2020 and have produced rapid y/y sales growth of 377% for the company.
Yatsen Holding was founded in 2016 and booked $666 million in sales for the 12 months ended September 30, 2020. It plans to list on the NYSE under the symbol YSG. Goldman Sachs, Morgan Stanley, CICC and Tiger Brokers are the joint bookrunners on the deal. It is expected to price during the week of November 16, 2020.
