Fast fashion giant Shein in talks with banks and exchanges about US IPO, sources say
- Valued at more than US$60 billion, Shein could become the most valuable China-founded company to go public in the US since ride-hailing giant Didi Global
- Goldman Sachs, Morgan Stanley and JPMorgan Chase are among the banks helping fashion retailer Shein with its IPO preparation, according to sources
The timing of an IPO is uncertain and the fashion retailer, which is under scrutiny from US lawmakers over its labour practices, may decide not to proceed in the near future, one of the sources said.
Most recently valued at more than US$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 US$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.
Shein has not decided on the venue for its IPO, and Nasdaq and NYSE have both been in contact with the company to try to convince it to pick their own exchange, two of the sources said.
Last week, Reuters reported that Shein had filed its IPO registration confidentially with the US Securities and Exchange Commission. After the story was published, Shein said it “denies these rumours”, without elaborating. Three people familiar with the matter subsequently told Reuters that an IPO filing has not been submitted to the SEC.