Portal eyes IPO in US next year
By Joyce Pan |
December 11, 2010, Saturday
|
Print Edition
Print Edition
Chinese social networking portal Oak Pacific Interactive is reportedly going to sell shares in the United States in the first half of next year as it seeks to tap global appetite for China's fast-growing Internet market.
Its plan was revealed after Youku, China's top online video sharing website, surged 161 percent on its debut on the New York Stock Exchange on Wednesday. The explosive first-day surge was second only to the record set by Chinese research engine Baidu.com, which skyrocketed 353 percent.
Oak Pacific is the operator of Facebook-styled Renren, group-buying platform Nuomi and online community Mop.
The firm has hired Credit Suisse and Deutsche Bank to underwrite the initial public offering whose amount has not been decided, Reuters reported yesterday, citing sources close to the matter.
"They selected bankers a couple of months ago and are looking at a first-half 2011 listing in the United States," one source was quoted.
Oak Pacific, in which Japan's Softbank Corp paid US$384 million for a 40 percent stake in 2008, declined to comment.
Its plan was revealed after Youku, China's top online video sharing website, surged 161 percent on its debut on the New York Stock Exchange on Wednesday. The explosive first-day surge was second only to the record set by Chinese research engine Baidu.com, which skyrocketed 353 percent.
Oak Pacific is the operator of Facebook-styled Renren, group-buying platform Nuomi and online community Mop.
The firm has hired Credit Suisse and Deutsche Bank to underwrite the initial public offering whose amount has not been decided, Reuters reported yesterday, citing sources close to the matter.
"They selected bankers a couple of months ago and are looking at a first-half 2011 listing in the United States," one source was quoted.
Oak Pacific, in which Japan's Softbank Corp paid US$384 million for a 40 percent stake in 2008, declined to comment.
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