Tudou manages to float but its shares plummet

SHARES of Chinese online video company Tudou Holdings fell in their stock market debut yesterday after the company became one of the few IPOs to actually price and begin trading amid tumultuous markets.

The Nasdaq-listed shares closed at $25.56, or 11.9 per cent below the float price. The IPO of 6m American Depositary Shares priced at $29 on Tuesday.

Tudou was the only company scheduled to go public in the US this week. Its IPO comes after market turmoil led to 10 of the 12 IPOs scheduled for last week being pulled.