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China's Jumei.com hires banks for $600 million US IPO

Online cosmetics retailer Jumei.com hired Credit Suisse and Goldman Sachs to manage an up to $600 million initial public offering in the United States, joining other Chinese firms queuing to raise funds there as technology company valuations soar. Jumei.com, which sells beauty products and perfumes, is expected to launch its IPO in the first half of 2014, Thomson Reuters publication IFR reported on Thursday, citing a source familiar with the plans.

The size of the offering may grow if existing shareholders also decide to sell their shares, IFR added. Bankers estimate nearly 30 Chinese issuers looking to list in the United States. JD.com Inc, China's second-biggest e-commerce firm after Alibaba Group Holding Ltd, last month filed to raise $1.5 billion in what would be the second-biggest ever US IPO by a Chinese company. Jumei.com, which is among the top 20 most visited e-commerce websites in China, said in 2011 it had received an investment of more than $10 million from US venture-capital firm Sequoia Capital, IFR said.

Copyright Reuters, 2014



 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
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