China's Tudou preps Nasdaq IPO

BEIJING -- China's second largest online video website, Tudou, has priced its initial public offering on the Nasdaq in New York at $174 million, in a deal that values the site at $822 million. Tudou intends to offer six million American Depositary Shares for $29 each in its Nasdaq Global Market IPO. The Shanghai-based site offers pics, skeins and its own content, as well as user-generated videos. The IPO was covered multiple times over, and values Tudou at around one third the size of market leader Youku.com, which listed last year. Tudou had around 14% of the online video ad market in China at the end of the second quarter, down from 17% at the end of last year, while rivals Youku increased 2% to 23% and Sohu.com rose 5.1% to 13%, according to data from Beijing-based Analysys International. Tudou saw its IPO plans stalled last year due to a lawsuit brought by the former wife of the company's chief exec. Contact the Variety newsroom at news@variety.com