* Company valued at about $4.02 bln at a high of $28.28
* Raises about $245.1 mln from the offering
May 16 Shares of Jumei International Holding Ltd
rose about 29 percent in their market debut, valuing
the Chinese online cosmetics retailer at about $4.02 billion.
Jumei's initial public offering raised about $245.1 million,
after the 11.1 million American Depositary Shares (ADSs) on
offer were priced at a higher-than-expected $22 per ADS.
The company, backed by venture-capital firm Sequoia Capital,
had initially said 9.5 million ADSs would be sold and priced at
$19.50-$21.50 per ADS in the IPO.
Jumei's shares opened at $27.25 and touched a high of $28.28
on Friday on the New York Stock Exchange, before slipping a bit
to trade at $25.34.
The company, through its website Jumei.com, sells products
made by companies such as Elizabeth Arden Inc and Estee
Lauder Cos Inc.
Jumei.com is among the top 20 most visited e-commerce
websites in China.
Sequoia Capital, which invested more than $10 million in
Jumei in 2011, held a stake of about 19 percent stake before the
IPO. Sequoia's stake has now fallen to about 16.5 percent.
Jumei was founded and is led by Leo Ou Chen, an MBA from
Stanford University. Chen was part of Forbes' China "30 Under
30" - a list of notable entrepreneurs under the age of 30 - in
2012 and 2013.
China's business-to-consumer e-commerce sales may surpass
$180 billion this year due to rising Internet penetration,
expanding middle-class incomes and a steadily improving
distribution network, according to New York-based market
research firm eMarketer.
Jumei's successful debut comes on the heels of Alibaba Group
Holding Ltd's IPO-ALIB.N filing with U.S. regulators for what
could become the biggest tech IPO in history. China's
second-biggest e-commerce firm JD.com Inc is expected to
start trading on the Nasdaq next week.
Some 30 Chinese companies could list in the United States
this year, according to investment bankers interviewed by
Chinese companies are flocking to the U.S. IPO market in
their biggest numbers since 2010, drawn by soaring valuations
for tech start-ups and undeterred by a flare-up in an accounting
row between Washington and Beijing.
Jumei's net income attributable to ordinary shareholders
more than doubled to $10.49 million for the three months ended
March 31. Total revenue rose about 40 percent to $154.86
The Beijing-based company said net proceeds from the
offering would be used for general corporate purposes, which may
include working capital needs.
Goldman Sachs (Asia) LLC, Credit Suisse and J.P. Morgan were
the lead underwriters for the IPO.
(Reporting by Avik Das in Bangalore; Editing by Simon Jennings)