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Newegg Prepares for IPO

newegg.pngNewegg is preparing for an IPO in which it hopes to raise up to $175 million, according to a filing it made with the Securities and Exchange Commission.

According to the filing, Newegg, which sells all sorts of merchandise online but is most known for selling computer hardware and software, has been profitable every year since it was founded in 2001 and it generated $2.1 billion in sales last year. The filing also mentions that Newegg expects to see greater competition from other e-commerce websites, specifically mentioning Circuit City, which went bankrupt but is still selling merchandise online.

The goal of the IPO is to help Newegg raise funds to compete in the Canadian market and the emerging market in China. The filing did not set a date for the IPO.

[via Reuters]
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Posted in Tech.

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