VC-backed Dangdang plans $1 billion NASDAQ IPO
Dangdang, China's largest online book retailer, reportedly will debut on NASDAQ next month, aiming to raise $1 billion.
The e-commerce giant has been invested by a venture capital group consisting of Walden International, Alto Global Investment and DCM-Doll Capital Management, who together committed $27 million for its third round of financing in 2006. Considering that the company’s profit that was said about $5 million in 2009, the price tag for Dangdang's share sale appears to be very high, at about 200x earnings.
Dangdang was founded in 1999 as a major online bookstore, competing with the China subsidiary of Amazon.com. Both companies together share about 9% of the China market. The overall business-to-consumer (B2C) market in China will be worth RMB1.27 trillion ($190 billion) by 2013, or up over 380% from the 2009 level, according to local analysts.
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