Ruhnn Holding (RUHN) IPO Opens Lower

Today's IPO for Ruhnn Holding Ltd. (NASDAQ: RUHN) opened for trading at $11.50/ADS after pricing 10,000,000 American depositary shares (“ADSs”), at US$12.50 per ADS.

The Company and the selling shareholders have granted the underwriters an option, exercisable for 30 days from the date of the final prospectus, to purchase up to an aggregate of additional 1,500,000 ADSs to cover over-allotments.

Citigroup Global Markets Inc., UBS Securities LLC and Top Capital Partners Limited are acting as the joint bookrunners of this offering.

Ruhnn Holding Limited is the largest internet key opinion leader (“KOL”) facilitator in China as measured by revenue in 2018, according to Frost & Sullivan. The Company connects influential KOLs who engage and impact their fans on the internet to its vast commercial network. Ruhnn pioneered the commercialization of the KOL ecosystem in China, and operates under both full-service and platform models. The Company’s full-service model integrates key steps of the e-commerce value chain from product design and sourcing and online store operations to logistics and after-sale services. The platform model promotes products sold in third-party online stores and provides advertising services on KOL’s social media spaces to third-party merchants. As of December 31, 2018, the Company had 113 signed KOLs with an aggregate of 148.4 million fans across major social media platforms in China.

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