Newegg plans $175 million IPO

New York City Tech retailer Newegg said Tuesday that it filed to sell as much as $175 million in stock to the public, according to a report in the Los Angeles Times.

Based in City of Industry, Calif., Newegg sells computers, software and consumer electronics. The company earned $28.8 million last year.

Net income was $16.1 million in the first half of this year, up 23% from the same period in 2008.

The company got financing in 2005 from venture capital firm Insight Venture Partners, which also has backed Twitter.

Newegg said it would use the proceeds of the planned stock offering to expand its foreign sales, boost working capital and repay an $8.6-million founder’s loan.