Tudou, a China-based video sharing website backed by a corporate venturing unit of International Data Group, has set the range of its flotation to raise between $168m and $180m. The listing values all the company’s shares at $321.3m, the regulatory filing said.
The video sharing company said it would sell six million American depositary shares at between $28 and $30, according to a Securities and Exchange Commission filing.
Inverstment banks Credit Suisse, Deutsche Bank and Oppenheimer & Co are underwriting the flotation.
The main shareholders of the company are IDG Technology Venture Investment (11.4%), a China unit of International Data Group, Singapore’s sovereign wealth fund Temasek (21.3%), First Easy Group (11.7%), as well as venture firms GGV Capital (12.1%), General Catalyst Group (8.2%), Jafco (8.2%), Capital Today (4.8%), Venrock Associates (4.7%) and Crescent Point Management (15.6%).
First Easy Group, the family trust of Gary Wei Wang (pictured), executive chairman of Tudou, was selling 1.7m of its shares as part of the flotation, the filing said.
Last year the company made a loss of RMB1.6m ($0.2m) on RMB79.4m revenues. The company has raised $135m in venture funding.