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Mecox Lane Garners $129M In IPO

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IPO_1 October 26, 2010 (Chinavestor) Shanghai-based online retailer Mecox Lane (Nasdaq:MCOX) raised $129 million in its U.S. IPO after selling 11.7 million American depositary receipts at $11 each. The original offering range was $8-$10, according to a filing with the U.S. Securities and Exchange Commission.

The shares will start trading on the Nasdaq today. Mecox Lane (Nasdaq:MCOX) said it intends to the use the proceeds from the IPO to bolsters its e-commerce platform, expand its stores and open a new logistics center and warehouse. The offering was led by Credit Suisse (NYSE:CS) and UBS (NYSE:UBS).

The SEC filing shows that Mecox Lane (Nasdaq:MCOX) saw its sales jump 42% to to $108 million in the first half of 2010. U.S. investors have embraced Chinese IPOs as six of the 10 best performing new issues on U.S. exchanges are Chinese firms, according to Bloomberg data.

As an e-commerce company, Mecox Lane (Nasdaq:MCOX) may be even more alluring to U.S. investors because China is the world's largest internet market with over 400 million users.

 

 



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