Deals
Youku Has Biggest U.S. IPO Gain in Five Years on China Demand
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Youku.com Inc. had the largest gain for a U.S. initial public offering in five years and E-Commerce China Dangdang Inc. almost doubled in its debut after investors flocked to buy into China’s Internet boom.
Youku.com, China’s largest online video company, soared 161 percent to $33.44 yesterday, after completing a $203 million IPO. The first-day advance was the biggest since Beijing-based Baidu Inc., owner of China’s most-used Internet search engine, more than quadrupled after its offering in August 2005. China Dangdang, the country’s biggest book retailer, gained 87 percent after its $272 million initial sale.