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.