VC-backed Lashou prepares for US IPO - report
China's top group-buying website Lashou.com is planning an IPO in the US, Bloomberg reported, adding that the company is looking for deal advisers to replace Morgan Stanley and Goldman Sachs, which are already underwriting the listing of US rival Groupon.
Sources close to the company told the newswire that Lashou has selected at least one bank and may be looking for more. It is possible that the company could become the first group-buying site to list in the US, following Groupon's announcement that it would postpone its IPO until market conditions are more favorable. Groupon targeted a $750 million raise, which would value the company at approximately $20 billion.
Lashou has received the most venture capital backing of any of China's 3,500-plus group-buying sites, AVCJ Research shows, accumulating $166 million in three fundraising rounds. In April, VCs Milestone Capital, Richemont's affiliates Reinet Fund SCA FIS, Remgro Limited and previous investors GSR Ventures, Norwest Venture Partners and Tenaya Capital contributed to a $110 Series C raise.
If Lashou completes its listing, it will be the latest in a string of China-based internet firms seeking to leverge Western interest in China's digital growth. Other such sites to have completed US listings in the past year include social networking site Renren.com and online video providers Youku and Tudou.
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