China’s Vancl To Raise $1B In IPO

Vancl is seeking to raise $1 billion in its internet initial public offering.

Vancl is seeking to raise $1 billion in its internet initial public offering, Reuters reports. The Chinese online clothing retailer will launch the IPO from the Asian country in the U.S.

The Beijing-based company will also hire a consortium of banks to manage the sale. The transaction is planned to be completed in the fourth quarter of 2011. Vancl has received backing from private equity and venture capital firms, including IDG, SAIF Partners, Ceyuan Ventures and Qiming Venture Partners.

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