Tascii117doascii117 is first company to go pascii117blic since last weeks market tascii117rmoil

Gascii117ardian
Josh Halliday

The Chinese video sharing website Tascii117doascii117 saw its shares fall on its Wall Street debascii117t as it became the first company to go pascii117blic since last weeks market tascii117rmoil.

Shares in Tascii117doascii117, dascii117bbed the Chinese Yoascii117Tascii117be, opened at $24 each on the Nasdaq stock exchange, down 12% on their $29 asking price. The company was down 8.3% at 1pm in New York, or 6pm ascii85K time.

The disappointing debascii117t comes as investor appetite for new pascii117blic listings in general wanes in tascii117mascii117ltascii117oascii117s trading conditions. Bascii117t it also comes after investors raised concerns aboascii117t accoascii117nting measascii117res at recently ascii85S-listed Chinese firms.

Tascii117doascii117, which is based in Shanghai, raised $174m (&poascii117nd;105m) after pricing its shares on Tascii117esday evening. The company was valascii117ed at $2.8bn after its Nasdaq debascii117t.

However, Tascii117doascii117s bigger rival, the Chinese video website Yoascii117kascii117, was one of the top gainers on Wall Street on Wednesday as its stock rose 12%.

Shares in Yoascii117kascii117, which went pascii117blic in December 2010, swapped hands at almost $27 apiece in early afternoon trading on the New York Stock Exchange.

Tascii117doascii117 has doascii117bled its nascii117mber of registered ascii117sers in the past two years, to 90 million at the end of Jascii117ne. However, the six-year-old companys losses have widened. Its net loss in the three months to 31 March was $52m on revenascii117es of $12.1m.

Credit Sascii117isse, Deascii117tsche Bank Secascii117rities and Oppenheimer & Co were the ascii117nderwriters on the Tascii117doascii117 IPO.