China Tudou hires banks for $100 mln plus Nasdaq IPO

Shanghai Mon Oct 25, 2010 2:35am EDT

Shanghai Oct 25 (Reuters) - China's leading online video website Tudou has hired Credit Suisse (CSGN.VX) and Deutsche Bank (DBKGn.DE) for its initial public offering on the Nasdaq, with hopes to raise over $100 million, sources said on Monday.

Tudou is hoping to list on the Nasdaq in the first quarter, two sources with direct knowledge of the plan told Reuters. The firm is hoping to raise between $100 million to $150 million.

Venture-capital backed Tudou, which competes with Youku in China, is similar to Google's (GOOG.O) YouTube and Hulu. It streams millions of online videos and original content daily and allows users to share files.

Singapore state investment firm Temasek [TEM.UL] said in August it had invested $35 million in Tudou, which means potato in Mandarin. [ID:nSGE6740CJ] (Reporting by Melanie Lee; Editing by David Chance)

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