Tencent-Invested Shoe Site Plans $50m+ Pre-IPO Financing

Tencent (0700.HK)-invested business-to-consumer (B2C) e-commerce footwear retailer Okbuy.com is in talks with venture capital and private equity firms with hopes to raise over $50 million in pre-IPO financing, Sohu reports citing company CEO Li Shubin. It expects to make an IPO at the end of 2012, Li said.

The site plans to start building its logistics capabilities in the fourth quarter, first focusing on Beijing, Shanghai, Guangzhou and Chengdu, according to the report.

The site completed third-round financing in June, with Tencent investing $50 million, said the report.