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Tudou raises $174m in NASDAQ IPO

  • Anita Davis
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Venture capital-backed Chinese video site Tudou has raised $174 million through its NASDAQ IPO, surpassing the $100-150 million target it set earlier this year.

Tudou offered 6 million American depositary shares priced at the middle of its range at $29 apiece, valuing the site at $3.2 billion.

The company, which claims approximately 16% of China's online video market, first sought to go public in November of last year. The process was delayed due to a dispute between Tudou's owner Gary Wang and his ex-wife over the company's assets.

Tudou counts VC firms including General Catalyst, GGV Capital, Granite Global Ventures, IDG China, JAFCO Asia and KTB Ventures among its backers, as well as Singaporean sovereign wealth fund Temasek Holdings. Temasek, along with VC firms, contributed to a $50 million Series E round of funding in August, taking the total amount Tudou has to $135 million.

In December, the China's leading video site by market share, Youku.com, raised $203 million on the New York Stock Exchange, initially trading at a more than 160% premium to its offering price, up to $33.44 a share.

Youku has received VC funding from firms including Chengwei Ventures and Maverick Capital.

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