Beijing (PingWest)—Yatsen Holding Ltd, the parent company of popular Chinese cosmetic brand Perfect Diady, was listed on the New York Stock Exchange today and raised $617 million through the IPO.

The company sold 58.75 million American depositary shares at a price of $10.50 per share. Its stock price closed at $18.40 on Thursday, with a market value of $7.82 billion.

The company, which was founded in 2016, has launched three cosmetics and skincare brands: Perfect Diary, Little Ondine, and Abby’s Choice. The three brands served 23.5 million customers in the nine months ended September 30, the prospectus shows. About 91% of gross sales in that period were generated through online channels such as WeChat and Tmall, the prospectus shows. Yatsen also has a network of more than 200 offline retail stores.

Yatsen had a net loss of 1.2 billion yuan ($182.27 million) in the first nine months of 2020, compared with a net profit of 29.1 million yuan ($4.42 million) in the same period last year. Revenue increased from 1.89 billion yuan ($287.08 million) to 3.27 billion yuan ($496.70 million) during the same period.

Due to the coronavirus pandemic in the first half of this year, Yatsen's business was severely affected, leading to store closures and slower-than-expected growth in online sales.

The company plans to acquire a skincare brand soon, founder and Chief Executive Officer David Huang said in a phone interview without sharing further details. The cosmetic manufacturer announced in October that it has bought skincare brand Galenic from French group Pierre Fabre for an undisclosed sum.