LightInTheBox Holding Co., Ltd, a Beijing-based online retailer that targets at markets outside China, filed with the SEC to raise up to $86 million in an IPO on the NYSE under the ticker LITB. No pricing terms were disclosed .
Founded in 2007, LightInTheBox started with selling electronics but gained momentum with wedding dresses and other fashion and lifestyle goods that are low-priced and made in China. In 2012, 98% of the total orders were from outside China.
It reports $200 million in sales in 2012, with $2.23 million in net loss. It turned a profit, $1.11 million, in Q4, 2012.
The company raised four rounds of funding previously. The angel round was from Xu Xiaoping, an angel investor and co-founder of New Oriental Education&Technology, and Zhou Zhe, an early employee with Google. In 2008, Ceyuan Venture invested $5 million in it. $11. 27 million series B funding was from GSR Ventures and Ceyuan Venture in 2009. The two was joined by Trust Bridge Partnersin the latest round, $35 million, in 2010.