Newegg files for initial public offering


— 2:28 PM on September 30, 2009

Get ready to buy some Newegg stock. According to MarketWatch, the growing Californian online retailer has filed for an initial public offering with the U.S. Securities and Exchanges Commission.

The IPO will be worth "up to $175 million," although MarketWatch says Newegg hasn't yet disclosed other details, like when shares will become available or what market and ticker symbol it's selected.

In the SEC filing, Newegg says it will use part of the proceeds from the IPO to "expand [its] international operations" and "fund operating expenses in China and improve logistics infrastructure of [its] Canadian operations." The company will also pay off debts, improve its IT infrastructure, run marketing campaigns, and offer promotions. Oh, and some of the money may be used to "acquire or invest in complementary businesses, products, websites or technologies or to enter into strategic relationships with third parties."

As MarketWatch points out, Newegg posted a cool $2.1 billion revenue in 2008, up from $1.9 billion the year before. The company claims to have been profitable "every year since 2001," the year of its creation by Taiwanese immigrant Fred Chang.

 
   
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