Newegg to go public

Written by Wil Harris

July 4, 2005 | 10:15

Tags: #ipo #newegg-uk #shares

Companies: #china #newegg

According to Reuters, via AnandTech, US retailer Newegg is going to take its business public.

No, that doesn't mean trading from a city centre. It's going to sell shares in itself on the stock market to raise some cash.

Newegg wants to expand into China this year in a big way. It already sells a small amount, but it believes the potential for component sales is huge. Newegg CEO Simon Hsieh also told Reuters that he believed the company should move into Canada, the UK and Japan.

Newegg made $10m last year, on a turnover of $1bn. It's hard to resist a Dr Evil moment of:

"1... biiiiillion... dollars!"

Newegg has 7 warehouses across the US, and plans to build 3 more, to allow it to ship all over the country within 24 hours, economically.

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