Investing
Chinese E-commerce Company IPO Lights It Up
June 6, 2013 11:40 am
Last Updated: April 27, 2020 6:57 pm
Source: Thinkstock
The underwriters, Credit Suisse, Stifel Nicolaus and Oppenheimer, have an option on an additional 1.05 million ADS.
Though based in China, the company sells its goods globally on websites produced in 17 languages. LightInTheBox claims to reach more than 80% of global Internet users. Net revenues have risen from $6.3 million in 2008 to $200 million in 2012 and $73.3 million in the first quarter of this year.
Following the IPO the company will have 98.3 million shares outstanding, if the underwriters exercise their overallotment option. LightInTheBox plans to use the proceeds to finance its business operation, including fulfillment and technology infrastructure, product offerings, paying down debt and customer acquisition and brand building.
Based on today’s IPO, the company’s market value is around $465 million.
Shares are trading up 26.7% at $12.04 shortly before noon today.
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