(Reuters) – Chinese online clothing retailer Vancl could raise $1 billion in the largest Internet initial public offering from the Asian country in the United States this year, IFR reported on Tuesday.
The Beijing-based company could soon mandate banks on the deal, which is planned for the fourth-quarter of 2011, said IFR, a Thomson Reuters publication.
Vancl, founded in 2007, has received backing from private equity and venture capital firms including IDG Capital Partners, SAIF Partners, Ceyuan Ventures Management, Tiger Global Management and Qiming Venture Partners. The company is among the four most profitable consumer retail Web sites, IFR said.
Vancl has raised a total of $142 million in venture funding over three rounds since 2007, including a $100 million round in December from Ceyuan, IDG, SAIF and