China's Mecox Lane raises $129m in US IPO

Updated: 2010-10-26 16:16
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China's Mecox Lane Ltd raised $129 million in its initial public offering (IPO), Bloomberg reported on Tuesday.

The Shanghai-based online retailer sold 11.7 million American depositary receipts for $11 each on Monday, after offering them at $8 to $10 apiece, Bloomberg cited the company's filing with the Securities and Exchange Commission and compiled data.

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Mecox Lane will use the proceeds to help improve its e-commerce infrastructure, expand store growth, and build part of a new logistics center and warehouse, the prospectus said.

Credit Suisse Group AG and UBS AG of Zurich led Mecox Lane's sale. The shares will start trading on the Nasdaq Stock Market on Tuesday under the ticker MCOX.

The apparel retailer sells products from its Euromoda and Rampage brands as well as third-party brands such as Adidas and Li Ning. Its sales climbed 42 percent to $108 million in the first half of 2010 compared with a year earlier, the SEC filing showed.