DCM, Sequoia-backed Vipshop drops 15% on NYSE debut
Vipshop Holdings, a Chinese online retailer backed by Doll Capital Management (DCM) and Sequoia Capital, saw its stock close down 15% on its March 23 trading debut. The company priced its IPO on the New York Stock Exchange at $6.50, 23% below the indicated price range, to raise $72.7 million.
Vipshop is the first Chinese company to list in the US since August 2011. Its weak performance - despite DCM and Sequoia agreeing to buy an additional $20 million of shares in the offering - is seen as...
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