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 Tudou raises $174m in NASDAQ offering
 
CreateTime:2011-08-18     Source:chinaeconomicreview Editor:hanyue
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Tudou (TUDO.NASDAQ), China's second-largest video website, has raised US$174 million in an initial public offering on the NASDAQ stock exchange, Bloomberg reported, citing a person familiar with the matter. The company priced its American depositary receipts at US$29 each - the mid-point of its US$28-30 offering range and a 58% discount to its slightly larger competitor Youku (YOKU.NYSE), which listed in December last year. The IPO values Tudou at US$822 million, compared with Youku's market value of US$2.7 billion. Tudou's market share of China's online video advertising revenue was 14% at the end of the second quarter, down from 17% at the end of last year; by comparison, Youku accounts for 23% of the market and Sohu (SOHU.NASDAQ) holds 13%, according to data from Beijing-based Analysys International. Tudou was forced to discount its IPO price after turbulent markets this month called US investor appetite into question. Thirteen IPOs were cancelled or postponed last week on US bourses, the most in one week since 2000.
 


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