Benzinga | May 10, 2021 06:41AM EDT

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

* Chinese dream factory of lifestyle brands, Onion Global Limited (NYSE: 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.