China's Tudou Plans U.S. IPO
NEW YORK ( TheStreet) -- Tudou, a China-based online video company, is planning an initial public offering in the U.S., according to a Securities and Exchange Commission filing on Tuesday.
The video company has applied to trade on the Nasdaq under the symbol TUDO. It did not specify a price range or a date for the IPO, but it said it is looking to raise as much as $120 million.
In 2009, the company recorded a loss of $21.6 million, or $1.81 per share compared with a loss of $29.4 million or $2.45 per share in 2008.
The company's revenue grew to $16.9 million in 2009 from $4.7 million in 2008. At the end of September, the number of registered users had increased to 71.4 million from 16.3 million as of December 31, 2007.Tudou launched its online video platform in April 2005. The company says it will use the proceeds from the offering to expand its Internet bandwidth and develop new technology to help it compete with its major online video competitor, Youku.com. Credit Suisse, Deutsche Bank and Oppenheimer will arrange the offering. -- Written by Theresa McCabe in Boston.
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