Online Chinese entertainment company YY sets terms for $90 million US IPO

By Renaissance Capital,

Shutterstock photo

YY, a Chinese social platform that enables communication via voice, text and video, announced terms for its IPO on Wednesday. The Guangzhou, China-based company plans to raise $90 million by offering 7.8 million American depository shares at a price range of $10.50 to $12.50. Each ADS represents 20 common shares. At the midpoint of the proposed range, YY would command a fully diluted market value of $664 million.  YY, which was founded in 2005 and booked $106 million in sales for the 12 months ended 9/30/2012, plans to list on the NASDAQ under the symbol YY. Morgan Stanley, Deutsche Bank, and Citi are the joint bookrunners on the deal.

Note: This post updates an earlier story that incorrectly reported the IPO proceeds and the fully diluted market value.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines IPOs
Referenced Stocks: YY

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