SAN FRANCISCO (MarketWatch) -- Internet retailer Newegg Inc. plans an initial public offering of stock worth up to $175 million, according to a filing with the Securities & Exchange Commission on Monday.

City of Industry, Calif.-based Newegg focuses on sales of electronics, hardware and software to consumers and small businesses. The company did not specify the timing of its IPO, on which market it intends to float its shares or its intended ticker symbol.

Newegg said it plans to use the IPO proceeds to repay debt and for general corporate purposes, while using $25 million to expand in Canada and China over the course of a year.

Founded in 2000, Newegg said it has been profitable every year since 2001. Net sales rose to $2.1 billion in 2008, compared to $1.9 billion in the prior year, the company said, while net earnings rose to 34 cents a share from 18 cents a share.

For the first half of 2009, Newegg said earnings rose to 18 cents a share from 12 cents a share in the same period last year.

The public markets have seen a flurry of IPOs of late. Electronic car battery maker A123 Systems Inc. AONE and Chinese online gaming company Shanda Games Ltd. GAME, -1.35% each undertook IPOs last week.

Underwriters for the Newegg IPO include J.P. Morgan JPM, +0.96% , Bank of America/Merrill Lynch BAC, +1.34% and Citigroup C, +1.62% .

Venture capital firm Insight Venture Partners is a significant Newegg shareholder, and Insight managing director Deven Parekh sits on the company's board of directors.

New York-based Insight is also a backer of Internet microblogging service Twitter Inc., which announced a new funding round last week. According to published reports, that funding round valued the high-profile start-up at $1 billion. See story about Twitter's funding.

Newegg disclosed in its IPO registration filing that it's currently being sued for patent infringement by Soverain Software LLC. Soverain filed suit in late 2007, Newegg said, adding that if an injunction is awarded in the case it could be forced to "stop or alter certain of our business activities."