China’s VC-backed Light in the Box files for $86m IPO

According to a regulatory filing, Ceyuan Entities and GSR Ventures hold a 26.4% and 20.6% stake in the company, respectively. Other shareholders include Trustbridge Partners, Clinet Investments, Wincore Holdings, Focus China Holdings and Fulltrend Holdings.The company has filed a registration with the US Securities and Exchange Commission (SEC).

The company, which delivers Chinese products to consumers across the globe, will use the proceeds to finance business operations, which include technology infrastructure investment, launching the new products and brand marketing.

Driven by the growing demand from online consumers, Light in the Box saw its net revenues grow from $6.3 million in 2008 to $200 million in 2012.

The comapny saw its customers base grow from around 36,000 in 2008 to approximately 2.5 million in 2012. However, the company experienced a net loss of $21.9 million, $24.5 million and $4.2 million in 2010, 2011 and 2012 respectively. Credit Suisse and Stifel will act as joint bookrunners for the offering 

China Securities Regulatory Commission (CSRC) is tightening controls and oversight of IPO applicants, which has prompted some companies to seek for a listing overseas.

Approvals for listings on domestic bourses slowed down from the middle of 2012 and none have been granted in the last four months. Nearly 900 companies were on the CSRC's official waiting list as of February. The regulator has never approved more than 150 private equity-backed offerings in a single year, with fewer than 100 coming in 2012.

 

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• Topics
• Greater China
• Venture
• Consumer
• Technology
• China
• Ceyuan Funds
• GSR Ventures
• Trustbridge
• IPO
• Venture
• Technology