Vipshop (NYSE:VIPS) has finally priced 7.20 million American depository shares, or ADS, in its follow-on public offering. Announced three weeks ago, the sale is expected to gross $96 million to fund Vipshop's capital expenditures and general corporate spending. 

The offering will consist of both primary and secondary shares drawn from Vipshop and certain pre-IPO investors. Of the 7.2 million shares offered, Vipshop is offering 4 million, while 3.20 million shares are being offered by the selling shareholders. Each ADS represents two ordinary Vipshop shares. 

Along with the offering, the shareholders have granted underwriters a 30-day option to purchase up to 1.08 million additional ADS at the public offering price.

Shares sold by selling shareholders will not benefit Vipshop. Goldman Sachs (Asia) L.L.C., Deutsche Bank Securities and J.P. Morgan Securities LLC acted as joint bookrunners, and Piper Jaffray & Co., Oppenheimer & Co. and China Renaissance Securities (Hong Kong) Limited acted as co-managers for the offering.