Jumei International Holding Ltd., China’s largest online cosmetics retailer, plans to raise up to $400 million in a US initial public offering (IPO), according to their filing with the Securities and Exchange Commission. The filing did not say how many shares they will issue or what exchange the company will be listed on.
Jumei’s filing with the SEC comes just two months after it hired Credit Suisse Group AG and Goldman Sachs Group. At that time, the Wall Street Journal reported that the IPO could raise around $600 million with a valuation over $3 billion. Jumei reported revenue of $483 million with net income of $25 million in 2013.
Jumei will join other Chinese companies listing in the United States in 2014. Earlier this week, Weibo Corp. held its first day of trading in New York. JD.com Inc., or Jingdong, and Alibaba Group Holding Ltd. are also planning for IPOs later this year. Alibaba’s $15 billion IPO could be the largest US IPO for a Chinese company and one of the largest IPOs in history.