Nov 21 Chinese social networking provider YY Inc
, which starts trading on Wednesday, priced its initial
public offering of 7.8 million American Depository Shares (ADS)
at $10.50 each, raising $82 million.
The pricing is at the lower end of the company's expected
price range of $10.50 to $12.50 per ADS.
The company said is expects to use the proceeds from the IPO
to expand its infrastructure services, product development and
working capital needs.
The company's core product, YY Client, a PC-based software
that provides real-time access to user-created online groups was
launched in China in 2008 and has 400.5 million registered users
as of Sept. 30.
YY Inc reported a net loss of $9.4 million on revenue of $88
million for the nine months ended Sept. 30.
Morgan Stanley, Deutsche Bank Securities and Citigroup are
the lead underwriters to the offering.