Tudou, a China-based online video service backed by media company International Data Group, has hired Credit Suisse and Deutsche Bank for its proposed flotation on the Nasdaq stock exchange, according to newswire Reuters.
Tudou, which is China ‘s No.2 online video website, will seek to raise between $100m and $150m through its initial public offering in the first three months of next year, Reuters said.
In August, Tudou, which Reuters said means potato in Mandarin and is run by chief executive Gary Wang (pictured), raised $50m in its series E round.
Singapore state investment vehicle Temasek led the E round with a $35m investment, with the remainder coming from repeat investors, including US media group International Data Group’s corporate venturing division, IDG China.
Tudou said it had previously raised $85m, including $57m in early 2008, from IDG China and venture capital firms Crescent Point, GGV Capital and General Catalyst Partners.