With the market for initial public offerings heating up, online tech retailer Newegg.com is looking to cash in.
The fast-growing City of Industry company, which sells computers, software and consumer electronics, filed Monday to sell as much as $175 million in stock to the public.
The company was founded in 2001 by Fred Chang, a Taiwanese immigrant.
Despite intense competition, Newegg’s sales have more than doubled since 2004, to $2.1 billion in 2008. The firm earned $28.8 million last year.
Net income was $16.1 million in the first half of this year, up 23% from the same period in 2008.
Newegg’s preliminary prospectus …
Read the original article at Latimes
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