Deals
Netease Is Said to Seek $300 Million-Plus U.S. IPO of Youdao Arm
- The online education arm seeks valuation of about $2 billion
- Internet schooling is exploding as the technology advances
This article is for subscribers only.
Netease Inc. is planning an initial public offering in the U.S. of its Youdao arm that could raise at least $300 million, people familiar with the matter said, propelling its expansion into a crowded online education arena.
The company is working with Morgan Stanley and Citigroup Inc. on the share sale with a goal to list as early as in the third quarter, said the people, asking not to be identified as the information is private. A deal could value Youdao at about $2 billion, one of the people said. The firm could file confidentially as soon as in coming weeks, according to another person.