NewEgg Files For IPO

City of Industry-based e-commerce retailer NewEgg has filed for an IPO this morning, saying that it is looking to raise up to $175M. The IPO is being underwritten by J.P. Morgan, BofA Merrill Lynch, Citi, William Blair & Company, Cowen and Company, ThinkEquityLLC, Needham & Company, and Raymond James. The firm said it had sales of $2.1 billion and net income of $28.8M in 2008. Major owners of the firm include Fred Chang, co-founder of the firm, Tally Liu, the firm's CEO, as well as Insight Venture Partners, which owns a minority stake. NewEgg is a major online retailer of electronics and other items.