Youku eyes $169m listing

China’s biggest online video company Youku (YOKU.NYSE) said that it hopes to raise some US$169 million in an initial public offering on the New York Stock Exchange, state media reported. In a filing with the US Securities and Exchange Commission, the firm said it will offer 15.4 million shares at a price range of US$9-11 each. Proceeds will be used to upgrade its technology and expand its operations. The announcement by Youku comes just one week after a filing by its competitor Toudu (TUDO.NYSE) to sell US$120 million worth of shares on the NYSE. Youku commands some 23% of China’s online video market; Toudu makes up roughly 19%. While Youku’s revenues have increased 135% in the nine months to September this year and Toudu’s have more than tripled, neither company is yet profitable.