China's Onion Global Priced IPO At $7.25/ADS On Friday

Chinese dream factory of lifestyle brands, Onion Global Limited OG, went public under the ticker symbol "OG" on the NYSE on Friday. It offered 12.5 million shares at a par value of up to $11.71.
The company priced its IPO at $7.25/ADS on Friday. The aggregate offering size of the IPO is approximately $67.5 million, assuming the underwriters do not exercise their over-allotment option.
Onion Global reported over 3.8 billion yuan annual revenue and a net profit of over 200 million yuan in 2020, doubling the net profit year-on-year.
Around 50% of the IPO proceeds will be used for private label brands and brand partnership development.
Onion intends to use nearly 20% of the proceeds for marketing and distribution channel expansion and diversification. Roughly 15% of the proceeds will be used for driving technological capabilities.
The remaining 15% will be used for working capital and other general corporate purposes, including strategic investments and acquisitions.
Price action: OG shares closed at $7 on Friday.