Chinese online retailer Vancl plans $1 billion U.S. IPO: IFR
HONG KONG (Reuters) - Chinese online clothing retailer Vancl could raise $1 billion in the largest Internet initial public offering from the Asian country in the United States this year, IFR reported on Tuesday.
The Beijing-based company could soon mandate banks on the deal, which is planned for the fourth-quarter of 2011, said IFR, a Thomson Reuters publication.
Vancl, which has received backing from private equity and venture capital firms including IDG, SAIF Partners, Ceyuan Ventures and Qiming Venture Partners, was founded in 2007. The company is among the four most profitable consumer retail Web sites, IFR said.
The poor performance of recent Chinese Internet IPOs, such as social networking company Renren (RENN.N), could temper expectations for a high valuation at Vancl, IFR said. Renren's stock closed 11 percent lower than its IPO price on May 23, after soaring in its first day of trading.
(Reporting by Jing Song; Writing by Elzio Barreto; Editing by Jon Loades-Carter)