<article>Shanghai-based online drugstore and healthcare platform <a href="https://www.dealstreetasia.com/?s=111%20Inc">111 Inc</a> has raised $100.5 million in a scaled-back initial public offering (IPO) in the US.</article>

Shanghai-based online drugstore and healthcare platform <a href="https://www.dealstreetasia.com/?s=111%20Inc">111 Inc</a> has raised $100.5 million in a scaled-back initial public offering (IPO) in the US.
The company, formerly New Peak Group, sold 7.175 million American depositary shares (ADS) at $14 a piece on the <a href="https://www.dealstreetasia.com/?s=Nasdaq">Nasdaq</a>, according to its prospectus filed with the US Securities and Exchange Commission. It initially announced a target of 9.3 million ADS at $14-16 a share.
The shares, carrying the symbol &#8220;YI&#8221;, traded slightly lower on Friday&#8217;s close.
111 Inc said it intends to use about $50.8 million of the net proceeds for selling and marketing to continue to grow and expand its customer base.
It will also allocate $38.1 million for research and development, to continue to invest in technology development, particularly artificial intelligence, big data, and cloud-based solutions.
Founded in 2010, 111 Inc launched 1 Drugstore, one of the first online retail pharmacies in China. A Frost &amp; Sullivan report cited by 111 Inc in its filing said 1 Drugstore is the largest direct selling online pharmacy in China since 2016.
The company’s other main business lines include <a href="https://www.dealstreetasia.com/?s=1%20Clinic">1 Clinic</a>, a digital-first hospital, and <a href="https://www.dealstreetasia.com/?s=1%20Drug Mall">1 Drug Mall</a>, an online B2B pharmacy platform.
111 Inc said, it had a network of over 2,000 medical professionals as of June 30, 2018, including more than 80 employees that provide online consultation and e-prescription services.
&#8220;Our mission is to build the largest integrated online and offline healthcare platform in China powered by technology,&#8221; the company said.
In the first half of this year, 111 Inc recorded revenue of Rmb731 million ($106 million), according to the filing. It, however, reported a net loss of  $19.56 million during the period, although its total assets were at $162.1 million
It currently derives revenues from selling and distributing pharma and other health and wellness products.
111 Inc’s filing in the US comes at a time when Chinese pharma players are quickly moving online to further corner a larger share of the market.
According to the China Food and Drug Administration, a total of 659 online pharmacy permits were issued last year, up from a mere 10 in 2008.
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Shanghai-headquartered online drugstore and healthcare platform 111 Inc has raised $100.5 million in a scaled-back initial public offering (IPO) in the US.

Chinese online drugstore 111 Inc raises $100.5m in US IPO

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Chinese online drugstore 111 Inc raises $100.5m in US IPO

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