NEW YORK, Sept 28 Newegg Inc, a venture-capital
backed online retailer of computer hardware and software, plans
to raise up to $175 million in an initial public offering,
according to a regulatory filing.
The Southern California-based e-commerce company, which
runs the newegg.com website, said in a filing with the U.S.
Securities and Exchange Commission that it has been profitable
every year since 2001 and generated sales of $2.1 billion in
Newegg said in the filing that it expects to face increased
competition from other e-commerce sites, pointing to Circuit
City Stores Inc CCTYQ.PK, the electronics retailer that went
bankrupt last year, but whose web site is still active.
The company's largest shareholder is New York-based
venture-capital firm Insight Venture Partners, whose portfolio
also includes software maker Medidata Solutions Inc (MDSO.O),
which completed an IPO in April.
Newegg plans to use the IPO's proceeds in part to expand
operations in China and Canada.
The IPO is being managed by JP Morgan, Bank of America
Merrill Lynch and Citi.
Newegg's prospectus did not set the terms or expected
timing of the IPO.
(Reporting by Phil Wahba, editing by Gerald E. McCormick)