Onion Global, which operates a cross-border e-commerce platform for lifestyle brands in China, announced terms for its IPO on Wednesday.
The Guangzhou, China-based company plans to raise $103 million by offering 12.5 million ADSs at a price range of $7.25 to $9.25. At the midpoint of the proposed range, Onion Global would command a fully diluted market value of $854 million.
Onion Global states that it is a next-generation lifestyle brand platform that incubates, markets, and distributes "3F brands" to young people in China and across Asia. The company currently has 4,001 brands on its platform, including 86 brand partners, that offer 23 categories of lifestyle products, including beauty products, maternal and baby products, food & beverages, fast fashion, and wellness products.
Onion Global was founded in 2015 and booked $588 million in sales for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol OG. AMTD Global Markets, Huatai Securities, Roth Capital, Tiger Brokers and Valuable Capital are the joint bookrunners on the deal.