Huge Chinese Video Site Tudou Prices IPO

Tudou

Tudou, the second-biggest “YouTube of China”, has priced its IPO and will start trading this morning on the Nasdaq, Bloomberg reports.

Citing sources, the report says Tudou sold 6 million depositary receipts at $29 a piece, in the middle of the range, raising $174 million.

Tudou priced its IPO at a discount relative to its bigger rival Youku, mostly because of the market rout we’ve been having.  

That values Tudou at $822 million, compared to a market cap of $2.7 billion for Youku.

Both companies lose money. 

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