People shop at a Shein pop-up shop inside Times Squares' Forever 21 in New York City, US, Nov 10, 2023. [Photo/Agencies]
Chinese fast-fashion retailer Shein has filed confidential paperwork for an initial public offering with a US securities regulator, Financial Times reported on Tuesday.
The retailer was last valued at $66 billion and could be ready to start trading on the public markets as soon as 2024, CNBC reported citing people familiar with the matter.
Shein has hired JPMorgan Chase, Morgan Stanley and Goldman Sachs to advise it on the IPO.
The company is backed by large investors including Abu Dhabi sovereign wealth fund Mubadala, venture capital group Sequoia China and private equity group General Atlantic.
Shein, which was valued at $100 billion during a fundraising round in April 2022, aims to lift its revenues from the $22.7 billion of last year to $58.5 billion by 2025.
Shein's filing will give bankers some hope that offerings scheduled for 2024 could help generate the buzz needed to help get the IPO market back on its feet after a miserable two years, said Financial Times.
By the end of last month, just $19 billion had been raised in the US so far this year, according to financial analytics firm Dealogic.
Shein, JPMorgan Chase, Morgan Stanley and Goldman Sachs declined to comment.
Founded by Chinese billionaire Xu Yangtian in 2012, Shein has transformed over the past decade from a rapidly growing company in Asia's largest economy to a global business focused on expanding across the world.
Shein currently directly serves consumers in more than 150 countries and regions around the world.
