Tudou raises USD 174 mln in IPO

News Broadband China 17 AUG 2011
Tudou raises USD 174 mln in IPO
Tudou priced its initial public offering in New York, raising USD 174 million in a deal that valued the Chinese streaming video website at USD 3.2 billion. The offering of 6 million shares was priced at USD 29 each, within its USD 29-30 range, the Financial Times reports. The shares will begin trading on the Nasdaq market on 17 August. Tudou originally filed for its IPO in November 2010 but had to delay the offering over a legal dispute between CEO Gary Wang and his ex-wife over company assets. That delay allowed Youku, Tudou's larger rival, to pull ahead quickly. Youku raised USD 203 million in an IPO last December and another USD 670 million in a secondary offering this year. In the second quarter, Youku's share of China's online video market by advertising revenues rose from 21.5 percent in the first quarter to 23.4 percent, while Tudou's share dropped from 16.2 perrcent to 14 percent, leaving it only 1 percentage point ahead of Sohu, according to Analysys, a Beijing-based technology research firm.

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