New York – Chinese online video portal Youku announced on
Wednesday that its initial public offering of shares on the New York Stock
Exchange has raised $202.85 million. Launched in 2006, Youku (NYSE: YOKU) currently attracts
264 million monthly unique visitors, and claims a 40% share of total user time
spent viewing online videos among Chinese Internet users.
The company had
raised a total of $120 million in venture capital, from backers including
Farallon Capital Management, Chengwei Ventures, Sutter Hill Ventures, Brookside
Capital and Maverick Capital.
"Today, Youku became the first Internet
television company to be listed on New York Stock Exchange, which I believe
will elevate our brand, solidify our leadership, extend our lead in the market,
and increase further the entry barriers," said Youku founder and CEO
Victor Koo.
"This step will position Youku for future development and
growth to be the primary video content provider for Chinese Internet users
across all Internet-enabled devices."
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