Pure-play e-tailer 800.com is going public.
The Portland, Ore.-based CE store has filed a preliminary prospectus with the Securities and Exchange Commission, and will seek to raise $60 million in an initial public offering. The initial filing did not specify the number of shares being sold or the price range, although they are expected to appear in subsequent filings.
In its prospectus, the three-year-old company, founded by CEO Greg Drew, cited the large market opportunity within, and strong growth potential of, the consumer electronics industry. The site is authorized to sell more than 60 brands including Sony and Pioneer, and positions itself as a value-added retailer that saves consumers time and stress during the CE buying process.
800 has applied for a Nasdaq listing under the symbol “EHDC.” The IPO underwriters are Robert Stephens, Dain Rauscher Wessels and Prudential Volpe Technology, and the e-tailer’s chief backers include Microsoft co-founder Paul Allen’s Vulcan Ventures, which holds a 10% stake in the company.
800.com won TWICE’s first Excellence in E-tailing Award at last January’s CES in the pure-play category.