
Youku Surges in Second Day of Trading
NEW YORK (
) --
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
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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