U.S. Markets closed

YY Inc. IPO expected to raise $81.9M in proceeds

NEW YORK (AP) -- China's YY Inc. on Wednesday priced its initial public offering of 7.8 million American depositary shares at $10.50 per share for total proceeds of $81.9 million.

The Guangzhou, China-based company operates a social platform that allows users to communicate via voice, text and video.

Each American depository share represents 20 of the company's Class A common shares. The American depository shares were expected to start trading on the Nasdaq Global Market after Wednesday's opening bell under the symbol "YY."

As part of the IPO, the company granted the offering's underwriters — Morgan Stanley, Deutsche Bank and Citigroup — an option to buy up to an additional 1.2 million American depository shares at the IPO price, less the underwriting discounts.