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Newegg Hopes to Raise $175 million in IPO



By Mark Summe on 2009-09-28 17:22:41


The online electronics retailer Newegg expects to raise $175 million in an initial public offering. The venture-captial backed firm has been profitable every year since 2001, generating $2.1 billion in sales last year alone. These claims are impressive when their competition includes major companies such as Amazon and Best Buy. Venture Partners, Newegg's largest shareholder, holds a 12.7% stake in the company following a $20 million investment back in 2005. Newegg plans to use the funds from the IPO to expand their operation into China and Canada.

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