Shein in talks with banks and exchanges about U.S. IPO-sources
By Echo Wang and Anirban Sen
NEW YORK (Reuters) — China-founded online retailer Shein is working with at least three investment banks about a potential U.S. initial public offering, and has been in talks with the New York Stock Exchange and Nasdaq, people familiar with the matter said.
Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS) and JPMorgan Chase (NYSE:JPM) 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 U.S. 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.
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.
Shein officials in Singapore, where the company is headquartered, declined to comment on any IPO plans or on discussions with the investment banks and exchanges. Goldman Sachs, Morgan Stanley, Nasdaq and NYSE declined to comment, while JPMorgan did not immediately respond to requests for comment.
Last week, Reuters reported that Shein had filed its IPO registration confidentially with the U.S. Securities and Exchange Commission. After the story was published, Shein said it «denies these rumors», without
Read more on investing.com
