UPDATE 1-Vipshop sees IPO priced at $8.50-$10.50/ADS
* Sees IPO of 11.2 mln ADSs
* Goldman Sachs, Deutsche Bank acting as lead underwriters
March 9 (Reuters) - China's Vipshop Holdings Ltd, an online discount retailer, said it expects to sell 11.2 million American Depositary Shares at an expected price of $8.50 to $10.50 apiece in its proposed initial public offering.
Last month, the Guangzhou-based company had filed with the U.S. Securities and Exchange Commission to raise up to $125 million in an IPO.
Vipshop offers branded products to consumers in China through flash sales on its vipshop.com website.
Flash sales represent a new online retail format combining the advantages of e-commerce and discount sales through selling a limited quantity of discounted products or services online for a fixed period of time.
The company, which intends to list its ADSs on the New York Stock Exchange under the symbol "VIPS," plans to use the proceeds from the offering for potential acquisitions and capital expenditures such as enhancing its IT systems.
Goldman Sachs (Asia) and Deutsche Bank Securities are acting as joint book-running managers of the offering.
- White House reverses, says Obama met uncle and lived with him during law school
- Flights delayed as air pollution hits record in Shanghai
- South Africa mourns Mandela, will bury him on December 15 |
- Analysis: Boeing bidders dangle goodies to win 777X jetliner
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image