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VC-backed Youku raises $203 million in IPO, trading at a high premium to opening price

  • Anita Davis
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The same week that China’s Dangdang.com was touted as one of the largest IPOs to come out of the New York Stock Exchange this year, the public debut of Youku.com achieved the same acclaim, raking in $203 million.

Top online video site Youku traded at a more than 160% premium to its offering price - up to $33.44 a share - which is said to represent the largest spread for a US-based IPO since Baidu debuted on the Nasdaq in mid-2005. Last month, Youku, which is backed by VC firms including Chengwei Ventures and Maverick Capital, announced its intention of making its public debut on a US bourse, targeting a $150 million raise. Representatives from Youku could not immediately confirm how much the company's VC backers were poised to make in the listing.

Meanwhile, PRC e-commerce player Dangdang raised $272 million, selling 17 million shares at $16 apiece - an 87% gain on its offer price. Dangdang has received funding from Walden International, Alto Global Investment and DCM-Doll Capital Management, which collectively committed $27 million in a third-round of financing in 2006.

The next anticipated IPO of this vein is slated to come from Tudou.com, China's second-largest online video player that has also received VC funding. Tudou announced in October that it will launch on the Nasdaq, also seeking $150 million.

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