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LightInTheBox (NYSE: LITB) sets today’s IPO price at $9.50 per ADS, raising $78.85 million. It gives the company a market value of approximately $465 million.

Founded in 2007, the company is an online retailer best-known for low-priced, made-in-China wedding dresses and other fashion and lifestyle goods.

In 2012, 98% of its total orders were from outside China. In Q1 2013, 64.7%, 19.8% and 7% of its net revenues are from Europe, North America and South America, respectively.

It reported $200 million in sales in 2012, with $2.23 million in net loss. It managed to turn a profit from Q4, 2012. As of March 31, 2013, it had approximately 1.1 million customers.

LightInTheBox Holding Co., Ltd. was incorporated in the Cayman Islands, as its ultimate holding company, in March 2008. It conducts operations through the Hong Kong subsidiary, Light In The Box Limited, and the PRC subsidiary, Lanting Jishi.

Before the initial public offering it 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.

image credit: blog.freeshipping.com