Online retailer Newegg files for $175 million IPO
Internet retailer Newegg Inc. plans an initial public offering of stock worth up to $175 million, according to a filing with the Securities & Exchange Commission on Monday. City of Industry, Calif.-based Newegg focuses on sales of electronics, hardware and software to consumers and small businesses. The company did not specify the timing of its IPO, on which market it intends to float its shares or its intended ticker symbol.
Founded in 2000, Newegg said it has been profitable every year since 2001. Net sales rose to $2.1 billion in 2008, compared to $1.9 billion in the prior year, the company said, while net earnings rose to 34 cents a share from 18 cents a share. For the first half of 2009, Newegg said earnings rose to 18 cents a share from 12 cents a share in the same period last year.
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