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.