Electronics seller Newegg, Inc is going public with an initial public offering estimated to raise $175 million for the company, according to a regulatory filing. A venture capital-funded online retailer of computer components and other consumer electronics, Newegg is seeking to take advantage of growth in the stock market to raise new capital.

Since its founding in 2001, Newegg has seen profitability every year, with revenues growing in recent years. Last year, the company tallied $2.1 billion in sales, a significant rise from the $1.9 billion in sales the year before. Newegg also says that net earnings rose from 18 cents a share to 34 cents a share.

Nevertheless, nearly a decade into its life, the computer retailer sees potential competition encroaching from many sides. Circuit City, for example, despite having filed for bankruptcy last year, continues to operate its online retail site, where customers can shop around for the same kinds of computer products that Newegg specializes in.

Newegg's plan for addressing new competitors is expanding its customer base. Though the site primarily targeted consumers for much of its life, small and medium-sized businesses are increasingly becoming important buyers. Likewise, initially a solely U.S. retailer, the company is quickly expanding operations abroad, especially in China. Sales there were only $31.3 million last year, versus $54.4 million just for the first-half of 2009.

In 2005, Newegg raised $20 million from Insight Venture Partners, according to peHUB. Four years later, the New York-based private equity firm is still Newegg's largest shareholder. Coincidentally, Insight is also a major shareholder in social networking site Twitter, which confirmed the closing of a major fundraiser at the end of last week.