Youdao, a Chinese online education platform being spun out of NetEase, raised $95 million by offering 5.6 million ADSs at $17, within the range of $15 to $18. The CEO of Netease indicated on $20 million of the IPO. In addition, investment firm Orbis agreed to invest $125 million in a concurrent private placement. Youdao plans to list on the NYSE under the symbol DAO. Citi, Morgan Stanley, Credit Suisse, CICC and HSBC acted as lead managers on the deal.
