China-based online discount retailer Vipshop sets terms, seeking $106 million
Vipshop Holdings, which operates an online discount retailer in China, announced terms for its IPO on Friday. The Guangzhou-based company plans to raise $106 million by offering 11.2 million ADSs at a price range of $8.50 to $10.50. At the midpoint of the proposed range, Vipshop would command a market value of $463 million. Venture backers include DCM and Sequoia, which will have 18% and 15% post-IPO stakes, respectively. Vipshop, which was founded in 2008, plans to list on the New York Stock Exchange under the symbol VIPS. Goldman Sachs & Co. and Deutsche Bank Securities are the lead managers on the deal, for which timing was not disclosed.
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