Tudou has hired Credit Suisse and Deutsche Bank and its goal for IPO is to raise up to US$150 million. According to Gary Wang, founder and CEO, the company's main source of revenue last year was from advertising. In August, it closed a US$50 million Series E funding round, including US$35 million led by Singapore based Temasek Holdings and US$15 million from existing investors.
A spokesperson from Tudou told Campaign that an IPO was "inevitable".
Youku plans to file a formal IPO application before the end of November and has hired JP Morgan and Goldman Sachs as its underwriters. Youku secured US$40 million through its fifth round of financing last December. So far, it has raised US$110 million in funds and US$10 million in equipment loans.
Another Chinese video-sharing website, Ku6.com, was listed on Nasdaq at the end of 2009. However, Tudou and Youku, claiming 16 per cent and 20 percent of the market share respectively, are bigger players.
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