China Renaissance-backed leading hyaluronic acid producer Bloomage Biotech has raised over 2 billion yuan ($338 million) in its initial public offering on the Shanghai Stock Exchange (SSE), per a statement on Wednesday.
Bloomage Biotech issued 480 million shares at 47.79 yuan apiece ($6.82). The successful IPO comes nearly seven months after the Shanghai Stock Exchange approved the company’s listing application in April 2019.
Founded in 1998, Bloomage Biotech is headquartered in Ji’nan, the capital city of Central China’s Shandong province. The producer of hyaluronic acid (HA), which is widely used in skincare and medical treatments, intends to use the proceeds to upgrade its R&D centres.
Bloomage is led by founder Zhao Yan, who ranks 32nd in the Hurun Richest Women in China 2019, and Dr. Guo Xueping who was with Shandong Medicinal Biotechnology Center.
Bloomage earlier teamed up with The Palace Museum releasing a six-colour limited edition lipstick collection on Tmall at the beginning of this year.
According to a Frost & Sullivan report, the sales HA raw material has reached to 500 tonnes in 2018 and it is expected to increase to 1150 tonne by 2023.
With a global boom in the medical aesthetics industry, HA technology is expected to be at the forefront of growth. Besides, China is already third largest plastic surgeries market.