Chinese cosmetics retailer JuMei to raise $400M in US IPO
Chinese fragrance and cosmetics retailer JuMei has filed for an initial public offering (IPO) in the US. The company is expected raise $400 million in the said transaction, according to TechCrunch.
The Beijing-based company did not reveal the exact exchange it plans to list on, the report added.
JuMei joins the list of several China-based firms that are set to go public in the US this year. E-commerce giant Alibaba announced in the previous month that it will hold an IPO in the US instead of the expected Hong Kong IPO. This deal may put Alibaba at a $100-billion valuation, the report detailed.
Founded in 2009, JuMei is backed by Sequoia Capital. The retailer claims to be the largest online seller of cosmetic products in China. The firm also said it had 10.5 million buyers in 2013 and held a 22.1 share in the market. In the same fiscal year, JuMei posted sales amounting to $483 million, TechCrunch reported.