YY succeeds at second try

摘要

Chinese social media company yy left nothing to chance on its second attempt to raise equity-linked funds. Having walked away from an earlier try last November, the company took a more conservative approach on a far larger deal size. The marketing effort resulted in a more fundamental look to investor demand, concentrated on US investors, but also with interest from Asian accounts. "Management has done a great job marketing and getting their story out there," said one person with knowledge of the deal. "It was important to them that the transaction went well. So, we went out with more conservative terms." The underwriting lineup is particularly telling. Deutsche Bank and Morgan Stanley joined Citigroup, a joint bookrunner on the attempted November replacement, while JP Morgan, the other 2013 bookrunner, was dropped.