Youdao $238 million equity follow-on offering We advised Youdao on its offering of ADSs
We advised Youdao on its offering of ADSs
Davis Polk advised Youdao, Inc. on its SEC-registered equity offering of 7,000,000 American depositary shares. Each ADS represents one Class A ordinary share of Youdao. Youdao has granted the underwriters an option to purchase up to an additional 1,050,000 ADSs. The total gross proceeds for the offering are $238 million, assuming the underwriters do not exercise their option to purchase any over-allotment ADSs. The ADSs are listed on the New York Stock Exchange under the symbol DAO .
Youdao is a leading intelligent learning company in China dedicated to developing and using technologies to provide learning content, applications and solutions to users of all ages. Youdao is a subsidiary of NetEase, Inc. (NASDAQ: NTES; HKEX: 9999).