Chinese online retailer raises $78.9 million from US IPO

LightInTheBox Holding, a Beijing-based online retail company, has raised $78.9 million from its initial public offering on the New York Stock Exchange after fixing the price at the mid-point of the indicative range.

The stock opened 17.5% above the IPO price when it started trading last night and climbed more than 30% in early trading.

This is the first new listing by a Chinese company in the US since the IPO of YY, a video-based Chinese social network, in November last year, according to Dealogic. YY raised $81.9 million from its offering, after it was able to overcome the negative sentiment resulting...