360buy Reportedly Launching IPO Next Week, Founder Denied

360buy, the Chinese online general store, is reportedly launching an initial public offering next week to raise $4 to 5billion, which makes it the largest internet IPO ever.

360buy, according to people familiar with the matter, is picking underwriters for its IPO next week. The company is scheduled to go public in the first half of 2012.

According to market research firm Analysys International, 360buy is the second largest online B2C retailer in China, only next to TMall of Taobao. This April, the retailer raised $1.5 billion in Series C from various venture capitals including Tiger Fund and DST with a valuation of over $10b.

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