Zulily to confirm IPO plans this week -sources
Sources familiar with the matter said e-commerce site Zulily Inc would be presenting its proposed initial public offering to the public this week. The sources also added that Zulily would be divulging details about its public listing as early as Tuesday.
Founded in 2009, the company's site had been a popular go-to platform to purchase women's and children's apparel. It secured USD85 million in investment commitments last November 2012, resulting to an increased company valuation from USD700 million to USD1 billion. One of the sources also said the company is poised to earn USD650 million in annual revenue, an increase from an annual revenue last year of USD500 million as confirmed by Zulily Chief Executive Darrell Cavens.
Should the IPO be successful, this would be the most biggest public listing in the e-commerce industry in years. According to sources, Zulily had already tapped Goldman Sachs Group Inc, Bank of America BAC +0.25% Merrill Lynch and Citigroup Inc to help manage its IPO.