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The stock of Chinese video site Youku is rising at dot-com boom IPO-like levels today. The company, which filed to go public on the New York Stock Exchange last month, ended up pricing its stock at $12.80 a share, above the $9 to $11 some had expected. It’s now trading at $33.40, meaning the stock is up a staggering 160 percent so far today.
Youku says the IPO raised $202.85 million, above the $150 million it had initially hoped to raise. The company had said it would use some of the proceeds of the offering to build up its technology infrastructure, purchase video content and expand its sales and marketing efforts.
Youku, which generated $35 million in revenue during the first nine months of the year, is the first of two Chinese video sites expected to go public over the next several months. Rival Tudou filed to raise up to $120 million in an IPO on the Nasdaq stock market in early November.