Newegg files for IPO
According to an SEC filing released today, the internet’s favorite electronic retailer Newegg will be going public. The offering is being underwritten by JP Morgan, Bank of America, and Citigroup. A date and ticker symbol have yet to come, but the IPO will likely happen before the end of the year.
Newegg has been around since 2001, and sales in 2008 are purported to be over $2 billion. Newegg prides itself on speedy delivery and low cost on some of the most popular electronic goods, and has become a go-to establishment for the cheapest prices on the latest consumer electronics with a computing emphasis.
The issuing is expected to bring in $175 million for Newegg which, according to the sec filing, will in part be used to expand their business to Canada and China.