YY Announces Pricing of Initial Public Offering (Asia)
Source: YY, AVCJ | Author: Tim Burroughs
Private equity-backed Chinese social media platform YY listed an IPO on the NASDAQ Stock Market, issuing 156 million shares and raising approximately US$81.9 million. YY’s IPO was underwritten by private equity firms Morningside Group, GGV Capital and Steamboat Ventures, as well as hedge fund Tiger Global Management. This is reported to be the first U.S. listing of a Chinese company’s IPO in seven months.