China-based online clothing retailer Vancl, which is backed by publisher International Data Group’s corporate venturing unit, could raise $1bn in its US flotation.
News provider International Financing Review (IFR) said the Beijing-based company could soon mandate banks on the initial public offering, which is planned for the final three months of the year.
IDG Capital Partners, along with venture capital firms SAIF Partners, Ceyuan Ventures Management, Tiger Global Management and Qiming Venture Partners have invested $142m in Vancl since its launch in 2007 over three rounds, including $100m round in December.
Ceyuan, IDG and SAIF funded Vancl’s $12m seed round in December 2007, and those three investors plus Qiming funded the company’s $30m second round in July 2008, according to Thomson Reuters, the publisher of IFR.