NetEase Prices IPO Of Youdao At $17 Per ADS

NetEase, Inc. NTES a Chinese internet and online gaming service provider, on Friday announced the pricing of the initial public offering Youdao Inc of 5,600,000 at $17 per ADS.

The ADSs are expected to begin trading on the NYSE today under the ticker symbol "DAO."

Youdao has granted the underwriters an option, exercisable for 30 days from the date of the final prospectus, to purchase up to an aggregate of 840,000 additional ADSs to cover over-allotments.

Citigroup, Morgan Stanley and Credit Suisse are acting as the joint bookrunners of the offering and representatives of the underwriters.

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