Todou is intending to sell six million American depositary shares (ADSs) for $28-30 each in its initial public offering, The Wall Street Journal reports. The Chinese online video company, which is offering nearly 5.6 million ADSs, expects to receive net proceeds of about $143.5 million from the sale.
The company will use nearly $60 million of the sale proceeds to finance its content procurement and in-house content production, while nearly $30 million will be used to boost its internet bandwidth capacity, adds Reuters. Credit Suisse, Deutsche Bank Securities and Oppenheimer will be underwriters for the offering.
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