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Youku to launch a US$150 million IPO on NYSE
By Ding Yining |
November 16, 2010, Tuesday
|
Online Edition
Online Edition
CHINA'S top online video website Youku.com is racing with arch rival Tudou.com to float shares in the United States as intensified competition requires more spending for patented content and Internet bandwidth expenditure.
Beijing-based Youku today filed an application to make an initial public offering on the New York Stock Exchange to raise as much as US$150 million, a larger amount than that of Tudou's possible US$120 million on NASDAQ. Tudou filed its application on Thursday.
Youku has raised US$160 million of venture capital in six rounds of fund raising from institutions including Bain Capital and Sutter Hill Ventures.
Most of Youku's videos are long TV series episodes and movies that are authorized by patent owners and a small part of them are user-made short video clips.
Similar to Tudou, Youku will use the proceeds to upgrade technology, conduct product innovation and replenish its operation capital.
Goldman Sachs Group Inc will be the main underwriter of the deal.
Founder and chief executive officer Victor Koo owned around 41.5 percent of the stake before the listing.
Last year, Youku's sales were US$22.5 million and its net loss stood at US$26.7 million.
Beijing-based Youku today filed an application to make an initial public offering on the New York Stock Exchange to raise as much as US$150 million, a larger amount than that of Tudou's possible US$120 million on NASDAQ. Tudou filed its application on Thursday.
Youku has raised US$160 million of venture capital in six rounds of fund raising from institutions including Bain Capital and Sutter Hill Ventures.
Most of Youku's videos are long TV series episodes and movies that are authorized by patent owners and a small part of them are user-made short video clips.
Similar to Tudou, Youku will use the proceeds to upgrade technology, conduct product innovation and replenish its operation capital.
Goldman Sachs Group Inc will be the main underwriter of the deal.
Founder and chief executive officer Victor Koo owned around 41.5 percent of the stake before the listing.
Last year, Youku's sales were US$22.5 million and its net loss stood at US$26.7 million.
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