China's Shein files for US IPO in major test for investor appetite - sources

Source: Reuters

China's Shein files for US IPO in major test for investor appetite - sources

By Kane Wu and Anirban Sen
November 28, 2023 7:28 AM UTC · Updated an hour ago

Nov 27 (Reuters) - Fashion company Shein has confidentially filed to go public in the United States, according to two sources familiar with the matter, in what is likely to be one of the most valuable China-founded companies to list in New York.

Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the initial public offering (IPO), and Singapore-based Shein could launch its new share sale some time in 2024, the sources said.

Shein has not determined the size of the deal or the valuation at IPO, the sources said. Bloomberg reported earlier this month it targeted up to $90 billion in the float.

Shein and the banks declined to comment.

The company founded in mainland China in 2012 was valued at more than $60 billion in a May fundraising, down by a third from a funding round last year.

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Read more: https://archive.is/2poMG

Original Reuters link (paywall): https://www.reuters.com/markets/deals/chinese-fast-fashion-shein-files-us-ipo-wsj-2023-11-27/