Another tech IPO! This time it’s Newegg, an e-commerce site that sells gadgets and computer parts.
The company earned $15.8 million in the first half of 2009, up 21% year-over-year. Last year’s net sales topped $2 billion.
NEW YORK (AP) — Newegg Inc., a Web-only retailer of consumer electronics and computer products, plans to raise $175 million in an initial public offering to expand its operations, replay debt and fund capital spending.
The City of Industry, Calif.-based company said it has been profitable every years since it launched in 2001, and has grown rapidly. It had net sales of $2.1 billion in 2008, according to a regulatory filing. Its net income was $15.8 million for the first half of 2009, up 21 per cent from $13 million a year earlier.
Newegg has been growing its business in China, focusing on technology and consumer electronics products and household appliances. The company expects its China business to be an important driver of growth, and plans to spend about $25 million of the proceeds from the IPO to expand its international operations, including to build its Asian headquarters.
Newegg’s filing comes in the heels of a busy week for IPOs. Seven companies went public last week according to Renaissance Capital’s IPOHome.com. Another four are scheduled for this week.
Newegg did not disclose a pricing for its offering.