The Chinese company, 11.4% owned by International Data Group, and led by founder Gary Wang, prices its initial public offering at the middle of its range.
Tudou, a China-based video sharing website backed by a corporate venturing unit of International Data Group, has raised $174m in its flotation on the New York Stock Exchange.
Investors bought six million American Depositary shares of Tudou at $29 a share. This is in the middle of the company’s $28 to $30 per share range, which was set earlier this month.
Investment 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.
