Buoyed by its strong performance last year, when it raked in $2.1 billion in revenue, online electronics retailer NewEgg is planning a public offering. The
company hopes to raise $175 million through its planned initial public offering (IPO), currently awaiting necessary regulatory approval.
Although it has remained profitable ever since its inception in 2001, it is confessedly bracing for stiffer competition from other e-commerce sites, the company said in a filing with the U.S. Securities and Exchange Commission. The IPO is being underwritten by JP Morgan, Bank of America Merrill Lynch and Citi. It hopes to shore up its presence in the Chinese and the Canadian markets using funds from the IPO.