With the Dow down almost 400 points today, and investors running for cover from risk, Chinese video site Tudou is looking at some pretty tough timing for its IPO. In an updated SEC filing, Tudou has proposed selling 6 million American Depositary Shares for between $28-30 each, raising up to $180 million.
Tudou is looking to ride the surge of interest around Chinese Internet companies. In fact, Tudou would be the second Chinese video site to go public, as much bigger competitor Youku raised over $200 million in its IPO last December (the stock also popped 161% on its first day from its $12.80 opening price and is now at around $30, after going as high as $70). Despite its 90.1 million users, Tudou's offering will challenge investors to value it at approximately $800 million given its latest quarterly revenue of just $12 million and net loss of $51.3 million. Will be interesting to see if this offering flies. Either way, Tudou has a very cool psychedelic mushroom logo.
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