Newegg files for $175M IPO

If you're a PC enthusiast or an IT guy, you have no doubt heard of Newegg. I'd even go so far as to say you've probably bought something from them - Newegg claims an enormous amount of repeat business. For many geeks in the U.S., it's the first place we go when pricing out hardware (this is certainly true of myself).

According to this SEC filing, Newegg seeks to raise $175M in its IPO, which is being underwritten by Citi, JP Morgan, and Bank of America. If you ask me, they'll do a lot better than that. It may not be the dot-com era, but Newegg has proven that it can turn a consistent profit and the country is hungry for business success stories and "hot" new investments. Venture capatilist firm Insight Venture Partners could make a nice chunk of change here - it bought 12.7% of the company in 2005 for $20 million.

As successful as Newegg has been, it has plenty of challenges ahead. It must expand its business to other countries and faces still competition from sites like Amazon, TigerDirect, and Buy.com.

Follow Jason Cross on twitter and visit his blog.

Subscribe to the Best of TechHive Newsletter