YY Inc. (YY), a communication social platform, Wednesday said it has priced its initial public offering of 7.8 million American depositary shares at $10.50 per ADS.
Each ADS represents twenty Class A common shares of the company. The total offering size is around $81.9 million, assuming the underwriters do not exercise their option to purchase additional ADSs.
The ADSs are expected to begin trading on the NASDAQ Global Market on November 21 under the symbol "YY."
The company has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an additional 1.17 million ADSs at the IPO price, less the underwriting discounts.
Morgan Stanley & Co. International plc, Deutsche Bank Securities Inc. and Citigroup Global Markets Inc. acted as joint bookrunners and Pacific Crest Securities LLC and Piper Jaffray & Co. acted as co-managers for the IPO.
by RTT Staff Writer
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