China's online learning platform Youdao sets terms for US IPO

NEW YORK - Youdao, an intelligent learning firm of China's internet giant NetEase, announced on Tuesday terms for its US initial public offering (IPO).

The education company plans to offer 5.6 million American Depositary Shares (ADSs) at a price range of $15-$18, each representing one of our Class A ordinary shares, according to its latest prospectus.

Citi, Morgan Stanley, CICC, Credit Suisse and HSBC Corporation are the joint bookrunners on the deal. The underwriters may also purchase up to 840,000 additional ADSs within 30 days.

The company initially filed for US listing on Sept 30. Under the ticker symbol DAO, the Hangzhou-based company plans go public on the New York Stock Exchange.

Founded in 2006, Youdao has gathered over 100 million average total monthly active users (MAUs) in the first half of 2019, as it furnishes learning products and services for all age groups in China, such as interactive learning apps for the study of various subjects including math and English.