After waiting nearly two years for the right market conditions, online electronics retailer NewEgg Inc. has thrown in the towel on an initial public offering.
The City of Industry-based company, which filed for an IPO in September 2009, said at the time it hoped to raise $175 million. In a regulatory filing late Friday, the company said that it decided “not to proceed with the initial public offering.” It did not provide a specific reason and did not rule out a future refiling.
Newegg Inc. started in 2000 as a niche seller of computer parts, such as memory cards for do-it-yourself techies, and gradually added consumer electronics and general merchandise, ranging from handbags to car door handles. In its initial filing, the company claimed to be the nation’s largest Internet-only retailer behind Amazon.com Inc., though it reported significantly slimmer profits than the Seattle-based online giant.
It ranked No. 8 on the Business Journal’s 2010 list of largest private companies in Los Angeles County, based on 2009 revenue of $2.3 billion. NewEgg ranked No. 88 among fastest-growing companies in both 2010 and 2009 on a separate Business Journal list, but its two-year growth rate fell from 40 percent to 21 percent by 2010.
