Youku Surges in Second Day of Trading

Youku.com shares are surging during its second day of trading on the New York Stock Exchange today, up almost 30% to above $43, more than triple its initial public offering price.
By Theresa McCabe ,

NEW YORK (

TheStreet

) --

Youku.com

(YOKU)

shares are surging during its second day of trading on the New York Stock Exchange today. The China-based online video company is up almost 30% to above $43, more than triple its initial public offering price of $12.80.

During its first day on the NYSE, the

stock rose more than 160%

to a close at $33.44 after more than 16.8 million shares traded hands.

Today more than 15.3 million shares have traded hands, and shares spiked to a high of $45.57.

Youku.com originally offered 15.4 million shares for $9 to $11 each, and ended up selling nearly 15.9 million shares at $12.80 a piece, raising approximately $203 million.

Youku, which launched in December 2006, is the first Internet television company to be listed on NYSE. The web site lets users search, view and share videos, similar to

Google's

(GOOG) - Get Report

Youtube.

Youku's IPO came ahead of Chinese competitor

Tudou Holdings

, which

applied to trade on the Nasdaq under the symbol TUDO

. The video company 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.

-- Written by Theresa McCabe in Boston.

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