Tencent-backed plastic surgery app SoYoung files for IPO in the US

Hong Kong

SOYOUNG, a Chinese cosmetic surgery website backed by Tencent Holdings Ltd, has filed confidentially for a US initial public offering, according to people with knowledge of the matter. The firm could raise around US$300 million in the planned offering, the people said, asking not to be identified because the information is private. SoYoung could sell shares as soon as the middle of the year, said the people.

SoYoung, founded in 2013, allows customers to review and book nip-and-tuck procedures through its app and websites as well as share treatment experiences via posts, pictures and videos.

The company completed a US$60 million funding round led by Apax Partners last year, after attracting US$50 million from investors including Tencent in 2016.

Final terms of the deal haven't been set yet and could change depending on investor demand, according to the people.

A representative for SoYoung said she couldn't immediately comment.

Any deal would add to the US$32 billion of US first-time share sales from Chinese companies over the last 12 months, according to data compiled by Bloomberg. BLOOMBERG