Chinese retailer Shein confidentially filed documents for an IPO in New York – Kommersant
[ad_1]
Chinese retailer Shein has filed documents for an initial public offering in New York. True, he submitted them confidentially. The agency reports this Reuters with reference to knowledgeable sources. Underwriters for the offering, which could occur in 2024, will be Goldman Sachs, JP Morgan Chase and Morgan Stanley.
The exact dates of the IPO, as well as the possible valuation of Shein, have not yet been announced. The retailer was created in China in 2008, initially as ZZKKO, received its current name in 2012, and in 2022 moved its head office to Singapore for regulatory and financial reasons. In May 2022, following the results of the next round of financing, Shein’s value was estimated at $100 billion and the company was called the world’s largest fashion retailer. However, in May 2023, the company’s value based on the results of a new round of financing only exceeded $60 billion.
Confidential IPO filings are not uncommon. This format allows candidates for an initial public offering to non-publicly maintain contacts with the US Securities and Exchange Commission (SEC) and, based on the results, make changes to the documentation or take actions the need for which the SEC indicates. It is expected that Shein will carry out just such work in the coming months, and as soon as the company is fully ready for placement, the upcoming IPO will be officially announced. At the same time, the content of Shein’s discussions with the regulator and changes made to the company’s documentation will be made public.
If the IPO goes ahead, Shein will become one of the most valuable public Chinese companies to list its securities on the American stock exchange. Now this is the taxi service Didi Global, which in 2021 raised $4.4 billion during its IPO and was valued at $68 billion. At the same time, Didi was forced to leave the New York Stock Exchange in June 2022 due to pressure from the Chinese authorities on the country’s tech giants.
[ad_2]
Source link
