Shein, the online fast fashion retailer founded in China, has filed confidentially for an initial public offering (IPO) in the US, Reuters has reported.
The size of the deal or the valuation at IPO is not known, but it is reported that the retailer aims for up to $90bn in the float.
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Shein was valued at $66bn in May 2023 after raising $2bn.
Shein has appointed Goldman Sachs, JPMorgan Chase and Morgan Stanley as lead underwriters.
The company could begin trading on public markets as early as 2024.
In June 2023, Shein reportedly refuted a report from Reuters that it had confidentially registered with the US Securities and Exchange Commission (SEC) for an IPO in New York.
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By GlobalDataThe confidential filing enables companies to begin the SEC review process without publicly disclosing sensitive financial and competitive information. It provides flexibility to companies considering going public.
Shein is expected to amend its paperwork and answer numerous questions from the SEC in the next few months, CNBC reported.
The IPO filing was first reported by China’s Shanghai Securities Journal and later confirmed by The Wall Street Journal.
Headquartered in Singapore, the online retailer offers a wide, budget-friendly range of men’s and women’s apparel.
In late October 2023, Shein purchased the women’s fast fashion brand Missguided from UK-based retail company Frasers Group on undisclosed terms.
