CICC, Citigroup, Goldman, Others to Arrange Vancl IPO

Chinese online clothing company Vancl has mandated CICC, Citigroup, Credit Suisse, Goldman Sachs and Morgan Stanley to arrange its up to $1 billion U.S. initial public offering, Reuters reported, citing a story in the IFR. Vancl is backed by investors including IDG, SAIF Partners, Ceyuan Ventures and Qiming Venture Partners. Based in Beijing, it is one of the most profitable consumer retail websites in China, Reuters said.

(Reuters) – Beijing-based online clothing retailer Vancl has mandated CICC, Citigroup (C.N), Credit Suisse (CSGN.VX), Goldman Sachs (GS.N) and Morgan Stanley (MS.N) to arrange its up to $1 billion U.S. initial public offering, IFR reported on Friday.

The deal, potentially the largest Chinese Internet listing in the United States this year, is expected to hit the market in the fourth quarter.

Vancl, which has received backing from private equity and venture capital firms including IDG, SAIF Partners, Ceyuan Ventures and Qiming Venture Partners, was founded in 2007. The company is among the four most profitable consumer retail websites in China, IFR said. (Reporting by Jing Song and Fiona Lau; Writing by Stephen Aldred; Editing by Will Waterman)