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UPDATE 1-Chinese online cosmetics seller Jumei up 29 pct in debut

* Company valued at about $4.02 bln at a high of $28.28

* Raises about $245.1 mln from the offering

(Adds details)

May 16 (Reuters) - Shares of Jumei International Holding Ltd rose about 29 percent in their market debut, valuing the Chinese online cosmetics retailer at about $4.02 billion.

Jumei's initial public offering raised about $245.1 million, after the 11.1 million American Depositary Shares (ADSs) on offer were priced at a higher-than-expected $22 per ADS.

The company, backed by venture-capital firm Sequoia Capital, had initially said 9.5 million ADSs would be sold and priced at $19.50-$21.50 per ADS in the IPO.

Jumei's shares opened at $27.25 and touched a high of $28.28 on Friday on the New York Stock Exchange, before slipping a bit to trade at $25.34.

The company, through its website Jumei.com, sells products made by companies such as Elizabeth Arden Inc and Estee Lauder Cos Inc.

Jumei.com is among the top 20 most visited e-commerce websites in China.

Sequoia Capital, which invested more than $10 million in Jumei in 2011, held a stake of about 19 percent stake before the IPO. Sequoia's stake has now fallen to about 16.5 percent.

Jumei was founded and is led by Leo Ou Chen, an MBA from Stanford University. Chen was part of Forbes' China "30 Under 30" - a list of notable entrepreneurs under the age of 30 - in 2012 and 2013.

China's business-to-consumer e-commerce sales may surpass $180 billion this year due to rising Internet penetration, expanding middle-class incomes and a steadily improving distribution network, according to New York-based market research firm eMarketer.

Jumei's successful debut comes on the heels of Alibaba Group Holding Ltd's <IPO-ALIB.N> filing with U.S. regulators for what could become the biggest tech IPO in history. China's second-biggest e-commerce firm JD.com Inc is expected to start trading on the Nasdaq next week.

Some 30 Chinese companies could list in the United States this year, according to investment bankers interviewed by Reuters.

Chinese companies are flocking to the U.S. IPO market in their biggest numbers since 2010, drawn by soaring valuations for tech start-ups and undeterred by a flare-up in an accounting row between Washington and Beijing.

Jumei's net income attributable to ordinary shareholders more than doubled to $10.49 million for the three months ended March 31. Total revenue rose about 40 percent to $154.86 million.

The Beijing-based company said net proceeds from the offering would be used for general corporate purposes, which may include working capital needs.

Goldman Sachs (Asia) LLC, Credit Suisse and J.P. Morgan were the lead underwriters for the IPO.

(Reporting by Avik Das in Bangalore; Editing by Simon Jennings)