Shein has submitted a corresponding application to Chinese regulators IPO in the USA, suggests the Reuters news agency. This new movement highlights the company's efforts Increase your presence on Wall Street.
However, the move could postpone Shein's plans as the company faces political opposition in the United States. Accordingly Reutersa bipartisan group of lawmakers asked US Securities and Exchange Commission (SEC) this blocks Shein's IPO.
The Chinese company recently registered a confidential application for listing in the United States through a IPO, which could take place in 2024. Shein would have chosen to go hand in hand Goldman Sachs, JPMorgan and Morgan Stanley as main subscribers to the offer. A confidential filing is common because it allows companies to communicate with the SEC and make necessary adjustments to the filing outside of public scrutiny.
It is very likely that Shein will make adjustments to the documentation and answer numerous questions from the SEC over the next few months. The offering brochure will only be published when the company is ready to go public., when the communication with the Commission will also be published, as well as any adjustments to the documentation. As the Financial Times reports, Shein has the backing of major investorsAs the Abu Dhabi sovereign wealth fund Mubadalathe venture capital group Chinese sequoia and the private equity group General Atlantic.
With an estimated valuation of around 66,000 million dollars (60,294 million euros) in the latest investment round last May, The company wants to expand its presence on Wall Street and even exceed that number. According to Bloomberg, the company is seeking a valuation of $90,000 million (€82,253 million). Shein informed potential investors that their goal was to achieve this value through an initial public offering (IPO). Should the exit from the trading floor finally take place, It would be the largest Chinese company.
Sky News reported last December that Shein had not only made the jump to Walt Street but was also considering going public after meeting in London Donald Tung, President of the company with executives of the London Stock Exchange, where the possibility of a listing in the country was discussed. Sources familiar with the matter assured that Shein continues to explore various options for raising capital through a initial public offering. At the moment, the company has not made any official statement on the matter.