Taomee (61.com), a leading social network for kids in China, will be going public in Nasdaq in a few days, said a banking source.  It plans to raise about US$100 million.

“The market cap is less than a billion,” said the banking source.

It was founded by former Tencent executive, Wang Haibing, in 2007.  Before he left Tencent, he was responsible for QQ pet, a virtual pet service for Tencent.  Taomee has 180 millions registered users and 30-50 millions active users. The Shanghai based company is reported profitable in January 2011.