NewEgg.com Files For $175 Million IPO
NewEgg.com is an online retail company that sells electronics such as digital cameras, cell phones, and laptops. The company plans to file for an IPO and raised roughly $175 million in the process. NewEgg.com started in 2001 and made about $2.2 billion in revenues last year. Insight Venture Partners invested $20 million in NewEgg.com around 2005. Insight Venture Partners has a 12.7% stake in NewEgg.
Newegg.com Inc. is based in City of Industry, California. Newegg was founded by Fred Chang and the company is run by CEO Tally C. Liu. When NewEgg.com was founded, it was a subsidiary of ABS Computer Technologies Inc. NewEgg has about 1,500 employees. The funds raised will be used to fund operations expansion in Canada and China. The company has even been profitable since they started in 2001. The IPO is being managed by JP Morgan, Bank of America Merrill Lynch, and Citi.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry