Youku.com plans initial offering of 15 million ADS

NEW YORK
Youku.com Inc. plans an initial public offering of approximately 15.4 million American Depositary Shares this week.
The Chinese online television company said in a regulatory filing that the IPO is likely to be priced between $9 and $11 per ADS. Each ADS represents 18 Class A shares.
The company anticipates net proceeds of about $139.3 million, or $160.7 million if the underwriters fully exercise their option. The net proceed amounts are based on the IPO being priced at $10 per share.
Youku.com said it plans to use about $30 million of the proceeds for technology, infrastructure and product development efforts. Another $25 million will be used for video content acquisition, and approximately $20 million will be used to expand sales and marketing efforts.
The company said remaining funds would be put toward general corporate purposes, such as working capital and possible acquisitions.
Youku.com had revenue of 153.6 million renminbi ($204.1 million) for the year ended Dec. 31, 2009.
The company's stock is expected to be listed on the New York Stock Exchange under the "YOKU" ticker symbol.