Chinese online pharmacy, healthcare provider debuts on Nasdaq
NEW YORK - Chinese leading online pharmacy and healthcare service provider 111 Inc started trading on Nasdaq stock market on Wednesday.
As the bellwether of its kind in China, 111 Inc issued 8.25 million American Depositary Shares (ADS) with each share at $14, the low end of a price range of $14-$16.
The company planned to issue 9.3 million shares of ADS and raise $148.8 million, according to the company's prospectus.
The underperformance of primary stock market in the United States led to downsizing of the initial public offering (IPO), according to Bruce Wu, managing director of Citigroup Global Markets Asia Limited.
"Floating on Nasdaq is both a milestone and a starting point for 111 Inc and our mission is much bigger than public listing on the stock market," said Yu Gang, co-founder and executive chairman of 111 Inc.
Yu told Xinhua that the high standards and transparency with Nasdaq would guide the way forward to make the company a great one.
Founded in 2010, 111 Inc now operates three platforms including 1c Drugstore, 1 Clinic and 1 Drug Mall, serving hundreds of millions of consumers via its on-line and off-line operations.
111 Inc shares had an opening price of $16.75 and were traded slightly below the offering price of $14 for most of the time in its first session on Wednesday.