Beijing – Chinese video portal Tudou has hired Credit Suisse
and Deutsche Bank to manage an initial public offering (IPO) on the Nasdaq in
the U.S., in which it hopes to raise up to $150 million, Reuters reported on
Monday, citing sources. The company is looking to list in the first quarter of
2011, and expects to raise between $100 million and $150 million in the
Launched in 2005, Tudou has to date raised more than $76 million in
venture capital financing, from backers including Singapore’s Temasek, IDG
China, GGV Capital and General Catalyst Partners.
The company accounted for 16%
of China’s online video market during the second quarter, compared to 20% for
rival Youku, according to Analysys International.
Youku is also said to be
pursing an IPO slated for early next year.