Shein, the fast-fashion giant, has confidentially submitted paperwork to go public in the United States, aiming to expand its global reach.
According to the Wall Street Journal, JPMorgan Chase, Morgan Stanley and Goldman Sachs are reportedly assisting in what might be one of the biggest IPOs in years, and the company could begin trading as early as next year.
Founded by Chris Xu in China in 2008, the company has grown into a highly popular online clothing retailer with millions of global shoppers. Shein is currently headquartered in Singapore.
In April 2022, its value reached $100 billion, making it the world's third-most valuable start-up. However, the value dropped to $66 billion in May. Either way, it could still become the most valuable China-founded company to go public in the U.S. since 2021.
The company informed investors last month that it aims for a valuation in the range of $80 million to $90 billion, according to Bloomberg.
Shein will privately work with the U.S. Securities and Exchange Commission to refine its filings in the coming months. Once ready for the IPO, the adjusted paperwork and communications with the SEC will be made public.
The news comes as the company is under investigation by the House Select Committee on the Chinese Communist Party and has faced allegations of "slave labor" and dodging import taxes. Lawmakers, including 16 Republican attorneys general, have urged the SEC to verify Shein's supply chain for forced labor before allowing U.S. trading.
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