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.