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Chinese Online Cosmetics Retailer Jumei Files For $400 Mln US IPO

Jumei International Holdings, China's largest online retailer of beauty products, announced that it has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission to raise up to $400 million in an initial public offering in the U.S.

The China-based company specified that its American Depositary Shares will be listed in either NASDAQ Global Market or New York Stock Exchange and will be traded under the symbol JMEI. The filing did not mentioned about the number of shares to be sold and the price range.

Jumei, which was founded in 2009, plans to use the offering net proceeds to invest in marketing and branding efforts, including setting up additional physical stores and growing its exclusive products portfolio, expand logistics network and enhance fulfillment capabilities, strengthen IT infrastructure and systems, and also for general corporate purposes.

Goldman Sachs Asia, Credit Suisse and JP Morgan were the lead underwriters for the offering.

Jumei.com is an online e-commerce site selling cosmetics and one among the top 20 most visited e-commerce websites in China.

The filing showed that the net income for full year 2013 surged to $15.80 million from $5.12 million in the year ago period, while the total net revenues rose to $483 million from $233 million last year.

by RTTNews Staff Writer

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