WASHINGTON (dpa-AFX) - NetEase, Inc. (NTES) announced the pricing of the initial public offering by its majority-controlled subsidiary Youdao, Inc. The IPO of 5.6 million American depositary shares were priced at $17.0 per ADS. The ADSs are expected to begin trading on the NYSE on October 25, under the symbol, DAO.
Concurrently with the IPO, certain investment funds managed by Orbis Investment Management Limited have agreed to purchase from Youdao a total of 7,352,941 class A ordinary shares at an aggregate investment amount of $125 million, in a private placement.
The aggregate offering size of the IPO and the private placement is approximately $220.2 million (inclusive of approximately $95.2 million of ADSs sold in the IPO).
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