Youku Files for USD 150 Mln NYSE IPO
Sina Tech, 11/16/10
Chinese online video site Youku has filed its IPO prospectus with the U.S. Securities and Exchange Commission (SEC), and plans to raise up to USD 150 mln in an NYSE listing. Goldman Sachs is serving as lead underwriter, with Allen & Co., Piper Jaffray, and Pacific Crest Securities as secondary underwriters. An IPO price has yet to be announced. Youku will list under the ticker symbol "YOKU."
Youku is currently in the process of investing additional funds in more commercially-produced videos as part of its efforts to expand its audience. Youku is also expanding and upgrading its broadband and network access technology.
CEO Victor Koo previously said that approximately 70% of the website's content is specially-produced, while the remainder is user-generated.
Youku previously raised USD 10 mln in venture capital funding from Chengwei Ventures, Brookside (Bain) Capital, Maverick and Sutter Hill Ventures. In another round of funding in December 2009, Youku raised USD 40 mln from the same group of investors.
Editor's Note : According to the prospectus, Youku recorded annual revenues of RMB 153.63 mln (USD 22.51 mln), RMB 33.02 mln, and RMB 1.78 mln in 2009, 2008, and 2007 respectively. Net losses each year came to RMB 182.29 mln (USD 26.71 mln), RMB 204.46 mln, and RMB 89.68 mln in 2009, 2008, and 2007 respectively.
Prior to the IPO, Koo holds 645 mln shares, giving him a 41.48% stake. Other major shareholders include Brookside Capital with 17%, Sutter Hill Funds with 12.36%, Maverick Funds with 11.47%, and Farallon Funds with 11.06%.
The rest of Youku's senior management, including CFO Liu Dele, CTO Leo Yao, senior VP of operations Frank Ming Wei, and editor-in-chief Sunny Xiangyang Zhu, each hold less than a 1% stake. To view Youku's complete SEC filing, please click here.
Keywords: Maverick Capital Zhu Xiangyang Liu Dele Victor Koo Internet IPO NYSE Youku Brookside Capital Chengwei Ventures Sutter Hill Ventures profit online video Wei Ming Leo Yao revenue
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