SHEIN set for major fundraise and US IPO

Chinese online fashion giant SHEIN is reportedly set to raise around $2 billion in a new funding round this month with aims for a US listing in the second half of 2023.

According to a report from Reuters, major investors in this round include the United Arab Emirates' sovereign wealth fund Mubadala, private equity firm General Atlantic (GA) and venture capital group Sequoia Capital China, while Tiger Global Management has become a new investor.

But despite the recent significant fundraise, SHEIN has cut its valuation by a third from a year ago to $64 billion, Reuters adds. Two sources noted that investors who participated in SHEIN’s 2022 fundraising will adjust the value of the stakes they bought earlier to reflect the company’s current valuation.

The report also claims that SHEIN last month held talks with a number of investment banks in order to pick lead bookrunners ahead of its US IPO. Should it be successful, the flotation would be one of the biggest of 2023 and serve as an indicator of US appetites to invest in Chinese companies at a time of heightened geopolitical tensions.

The firm previously eyed an IPO in 2020 and hired Bank of America, Goldman Sachs and JPMorgan at the time, but decided against it due to unpredictability at the height of the Covid-19 pandemic.

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