Vipshop's (NYSE:VIPS) IPO is looking like a dud. Shares are trading at $5.75, down 11.5% from an...

Vipshop's (NYSE:VIPS) IPO is looking like a dud. Shares are trading at $5.75, down 11.5% from an offering price of $6.50. The fact the flash sales site posted a net loss of $107.3M last year on revenue of $227.1M could have something to do with the drop. (F-1)