An industry source has revealed that Shanda Interactive's (Nasdaq: SNDA) online literature subsidiary, Cloudary will begin meeting with investors next week and be able to confirm an IPO price by July 28, one day ahead of Cloudary's listing on the New York Stock Exchange.
The company's latest SEC F-1/A, filed by Cloudary on July 12, shows that the joint underwriters for the company's IPO are Shanghai CCI Investment and Goldman Sachs. Cloudary's third and former key underwriter, Merrill Lynch, has withdrawn from the deal.
The source also said Chinese video site Tudou is very close to an IPO, and that Chinese Internet firm Sohu's (Nasdaq: SOHU) online search subsidiary, Sogou, is now working on plans for an independent listing.
Editor's Note: For more information on this topic, please see "Cloudary Files for NYSE IPO," MD 5/25/11 issue.