Newegg Cancels IPO
Online electronics retailer Newegg filed to withdraw its IPO, formally canceling its plans to go public, Internet Retailer reports. This news bucks the recent trend of filing for IPOs, after LinkedIn's recent high profile IPO and speculation about Twitter and Facebook's plans to file.
The consumer electronics retail website Newegg, is number 12 in the Internet Retailer Top 500, and grew web sales to $2.5 billion in 2011. The company had planned to use the IPO to fund further expansion into Asia, and improving its infrastructure in Canada.
Newegg general counsel Lee Cheng told Internet Retailer. "We will continue to evaluate our options... Formally withdrawing the registration was more of just a technical step."