
Youku.com Soars in First Day of Trading
(Youku.com article updated with stock price information and comments from CEO Victor Koo.)
NEW YORK (
) -- Shares of the China-based video company,
Youku.com
(YOKU)
, traded above $37 on the New York Stock Exchange on Wednesday, almost triple its initial public offering price of $12.80.
|
The stock rose more than 160% to a close at $33.44 after more than 16.8 million shares traded hands.
The company sold 15.8 million shares at $12.80 a piece, raising approximately $203 million.
Founder and CEO Victor Koo rang the opening bell on Wednesday to celebrate Youku.com's first day of trading on the NYSE.
"Today, Youku became the first Internet television company to be listed on New York Stock Exchange," Koo said.
Youku.com lets users search, view and share videos, similar to
Google's
(GOOG) - Get Report
Youtube. While the online video industry may be strong, Youku.com is not profitable.
The video company saw a 135% increase in its revenue to 234.6 million yuan, or about $35.3 million, in the first nine months of 2010 from one year earlier, but its net loss widened by 22.5% to 167 million yuan, or $25.1 million, in the same period.
Youku's IPO comes ahead of Chinese competitor
Tudou Holdings
, which has
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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