Internet retailer Newegg Inc. will seek to raise $175 million through an initial public offering, according to documents filed Monday with the Securities and Exchange Commission.

The City of Industry e-commerce company had $2.1 billion in sales and net income of about $29 million last year, according to the filing.

The company said it intends to use the proceeds for general corporate purposes, repaying debt and expansion, including setting aside $25 million to fund operations in China and Canada over the next 12 months.

Newegg was founded in 2001 primarily as an online electronics retailer, but has since diversified and now sells everything from video games to cookware. It claims to be the second-largest Internet-only retailer in the country, behind Amazon.com.

The company ranked No. 10 on the Business Journal’s 2008 list of largest private companies in Los Angeles County.

Newegg’s IPO will be underwritten by William Blair & Co., ThinkEquity LLC, Needham & Co. LLC, Cowen and Co. and Raymond James.