Dangdang and Youku boost IPO prices on US market

19:02, December 08, 2010      

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China'S Dangdang and Youku.com both had their shares priced above indicative ranges in United States initial public offerings thanks to strong demand among investors on Chinese internet companies.

China's e-commerce company Dangdang sold 17 million shares on the New York Exchange at US$16 each, higher than its previous offering range between US$11 to $13. It raised US$272 million, 33 percent more than originally planned.

Youku.com, China's top online video website, announced it sold its shares at US$12.8 apiece, higher than an original range between US$9 to US$11. It raised US$203 million after previously planning to seek US$154 million.

Dangdang, which operates the dangdang.com website, increased sales by 56 percent in the first nine months of 2010 from the same period a year ago, according to its prospectus.

Last year, Youku made a loss of US$26.7 million on sales of US$22.5 million, according to the company.

Youku's competitor Ku6 Media Co dropped 10.4 percent to US$6.40 yesterday.

Source: Shanghai Daily


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