The Groupon of China: Wowo files for a $40 million IPO

Wowo, which operates Chinese group-buying site 55tuan.com, filed on Friday with the SEC to raise up to $40 million in an initial public offering. The company expects its IPO to be marketed on a best efforts basis and will therefore not be included in our tracking stats.

The Beijing, China-based company, which was founded in 2010 and booked $29.3 million in sales for the 12 months ended September 30, 2014, plans to list on the NASDAQ under the symbol WOWO. Wowo initially filed confidentially on August 8, 2014. Axiom Capital Management is the sole bookrunner on the deal. No pricing terms were disclosed.