Tudou eyes $150m IPO

Robert Clark
telecomasia.net
China's second largest video website, Tudou, is aiming to raise up to $150 million from a Nasdaq IPO, according to media reports.
 
It has hired Credit Suisse and Deutsche Bank for a debut in the first quarter of 2011 Reuters said.
 
Two sources with direct knowledge of the plan said the firm was expecting to raise between $100 million and $150 million, Reuters reported.
 
The site is backed by VC firms IDG China, GGV Capital and General Catalyst. It raised $50 million in a funding round in August, including $35 million from Singapore state-owned investment arm Temasek
 
Tudou has 13% of China’s online video market in Q3, according to research firm Analysys International.
 
Market leader Youku, which has 17% of the market, remains privately-held although it has indicated it will seek an IPO.
 
Q3 revenues in the sector were up 148% year-on-year to 621 million yuan ($93.3m), FT.com reported.

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