April 11 Jumei International Holding Ltd, backed
by venture-capital firm Sequoia Capital, filed with U.S.
regulators on Friday to raise up to $400 million in an initial
public offering of American Depositary Shares.
Jumei, which operates through its website Jumei.com, sells
beauty products and perfumes.
Goldman Sachs (Asia) LLC, Credit Suisse and J.P. Morgan were
the lead underwriters for the IPO, the company told the U.S.
Securities and Exchange Commission in a preliminary prospectus.
Jumei.com, which is among the top 20 most visited e-commerce
websites in China, received an investment of more than $10
million from Sequoia Capital in 2011, according to Thomson
Reuters publication IFR.
Sequoia Capital funds hold about 19 percent stake in the
company, according to the filing.
Jumei said it intends to list its common stock under the
symbol "JMEI," but did not specify the exchange.
The filing did not reveal how many shares the company
planned to sell or their expected price. (r.reuters.com/saz48v)
Reuters reported in February that Jumei has hired banks for
the proposed offering.
Some 30 Chinese companies could list in the United States
this year, according to investment bankers interviewed by
China's second-biggest e-commerce firm JD.com Inc has
already filed with the regulators to raise up to $1.5 billion
while e-commerce giant Alibaba Group Holding Ltd IPO-ALIB.N is
nearing an U.S. IPO.
Beijing-based Jumei International said net proceeds from the
offering would be used for general corporate purposes, which may
include working capital needs.
The company's revenue more than doubled to about $483
million, while net income more than tripled to $25 million in
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.
The amount of money a company says it plans to raise in its
first IPO filings is used to calculate registration fees. The
final size of the IPO could be different.
(Reporting by Avik Das in Bangalore; Editing by Sriraj