Youku files for US-based IPO, aiming for $150 million
China’s top online video site Youku.com, backed by VC firms including Chengwei Ventures and Maverick Capital, has submitted filings to the US Securities and Exchange Commission in hopes of launching an IPO that could garner up to $150 million – a process that mirrors the recent news of fellow Chinese video website Tudou.com.
Last month, number-two ranked Tudou, which contractually shares a portion of its content library with Youku, announced that it would make its public debut NASDAQ in Q1 2011, also aiming to garner between $100-150 million from its listing. Industry observers in China have suggested that the two leading PRC video giants had teamed in the past to both share the cost of content licensing and to created a marked barrier to entry to deter other would-be industry competitors.
In December, Youku raised $40 million as part of a Series-E fundraising round from VCs including Chengwei Ventures, Brookside Capital, Maverick Capital and Sutter Hill Ventures, bringing Youku's total venture commitment to the company to $110 million.
Goldman Sachs is the underwriter for Youku's public listing, while Credit Suisse and Deutsche Bank are advising Tudou.
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