China-founded online retailer Shein is working with at least three investment banks about a potential US initial public offering, according to people familiar with the matter, and has been in talks with the New York Stock Exchange and Nasdaq, reports Reuters. Goldman Sachs, Morgan Stanley and JPMorgan Chase are among the banks helping Shein with its IPO preparation, according to six of the sources.
The timing of an IPO is uncertain and the fashion retailer, which is under scrutiny from US lawmakers over its labor practices, may decide not to proceed in the near future, one of the sources said.
Most recently valued at more than $60 billion, Shein could become the most valuable China-founded company to go public in the United States since ride-hailing giant Didi Global’s debut in 2021 at a $68 billion valuation. Didi was delisted from the New York Stock Exchange (NYSE) a year later amid Beijing’s crackdown on Chinese technology giants over antitrust and data security rules.