China-founded fashion company Shein has filed a confidential application to go public in the US, The Wall Street Journal reported on Monday, citing people familiar with the matter.
The fast fashion giant has been working with at least three investment banks on a possible IPO and was in talks with the New York Stock Exchange and Nasdaq, Reuters reported in July.
Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters for the offering, which could occur in 2024, according to the WSJ report.
Shein declined to comment to Reuters on the report.
The company was valued at more than $60 billion in May and is expected to become the most valuable Chinese-founded company to go public in the United States since transportation giant Didi Global debuted in 2021 with a valuation of 68 billion dollars.
Fast fashion has been gaining popularity in the United States with Shein’s partnership with SPARC Group, a joint venture between Forever 21 owner Authentic Brands and mall operator Simon Property, while the online fashion retailer and its Rivals seek to expand their market reach.
