November 21, 2012 at 12:30 PM EST
YY IPO Prices Low But Rises In Early Trading
Chinese social website YY (YY) priced at the low end of its range but was up nearly 9% in midday trading Wednesday, as it launched the first U.S. IPO of a Chinese company since March. The company raised $82 million from its offering of 7.8 million American depositary shares, in a deal backed by Morgan Stanley (MS), Deutsche Bank and Citigroup (C). As IBD reported Monday, YY was facing long odds after a string of other companies postponed, and
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