Synacast Corp., the Chinese online video company that drew a $250 million investment this month from Softbank Corp., said it has held talks with banks about a possible initial public offering as revenue surges.
"We keep very close contact with the bankers," Vincent Tao, chief executive officer at Synacast, said in an interview Wednesday. The Shanghai-based company, known as PPLive, is "always trying to choose the best time for an IPO," though a listing is not planned in the "near term," he said.
Bigger Chinese rival Youku.com Inc. more than doubled on its first day of trading in New York in December as investors bet advertisers in China will boost spending on online video sites. Tao, a former executive at Microsoft Corp., said PPLive aims to post sales growth this year that match the almost fourfold increase in 2010.
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