Vancl.com plans an IPO

Vancl.com plans an IPO

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Chinese online clothing retailer Vancl.com is seeking an initial public offering in the US, hoping to raise between US$750 million and US$1 billion, the Wall Street Journal reported. The firm is seeking a listing in the fourth quarter of this year, say sources. Vancl.com is reportedly using Citigroup (C.NYSE, 8710.TYO), Credit Suisse (CS.NYSE, CSGN.SIX), Goldman Sachs (GS.NYSE) and Morgan Stanley (MS.NYSE) for the deal. The firm joins a growing list of Chinese technology companies which have listed to great fanfare on US bourses, prompting concern about a possible bubble in the market. Earlier this month Renren, a social networking website, "popped" 29% on its first day of trading on the NYSE, but has since lost 12% of that gain.