Online fashion retailer Shein has made a confidential filing to go public in the U.S. stock market, according to several reports, in what is expected to be one of the biggest initial public offerings in the last few years.
A line of shoppers get the first opportunity to shop on the opening day of fast fashion e-commerce ... [+]
The company—founded in China but now headquartered in Singapore—is targeting a $90 billion valuation, Reuters and Bloomberg reported.
The company has picked Goldman Sachs, JPMorgan Chase and Morgan Stanley as underwriters for the public offering, which will likely take place in 2024.
Shein, which surged in popularity during the Covid-19 pandemic, has managed to disrupt fast fashion rivals like H&M and Zara with its wide inventory of low-priced apparel.
The fashion retailer operates in over 150 countries, but according to the Wall Street Journal, the U.S. is its biggest market.
$66 billion. That is the valuation at which Shein raised capital in the most recent fundraising round in May this year. This was a step down from the $100 billion valuation the company had raised funds at a year prior.
If Shein hits its purported IPO target valuation of around $90 billion, it will surpass ride-hailing platform Didi’s $68 billion valuation on debut in 2021 to become the biggest listing by a Chinese-founded company in the U.S.