zulily, an e-commerce site offering daily deals on apparel for moms, babies and kids, announced terms for its IPO on Friday. The Seattle, WA-based company plans to raise $196 million by offering 11.5 million shares (45% insider) at a price range of $16 to $18. At the midpoint of the proposed range, zulily would command a fully diluted market value of $2.2 billion.