Onion Global $67.5 million IPO
Davis Polk advised Onion Global Limited on its SEC-registered initial public offering of 9,310,350 American depositary shares. Ten ADSs represents one Class A ordinary share of Onion Global. Onion Global has granted the underwriters an option to purchase up to an additional 1,396,550 ADSs. The total gross proceeds of the offering is $67.5 million, assuming the underwriters do not exercise their option to purchase any over-allotment ADSs. The ADSs are listed on the New York Stock Exchange under the symbol “OG”.
Onion Global is a next-generation lifestyle brand platform that incubates, markets and distributes the world’s fresh, fashionable and future brands to young people in China and across Asia.
The Davis Polk corporate team included partners Li He and James C. Lin, counsel – registered foreign lawyer Kevin Zhang and registered foreign lawyers Xin (Sheen) Xu and Wentian Xie. Counsel Alon Gurfinkel and associate Summer Xia provided tax advice. Associate Matthew R. Silver provided 1940 Act advice. Members of the Davis Polk team are based in the Hong Kong, New York and London offices.