Singapore-based fast fashion firm Shein has reportedly confidentially filed to go public in the US.

According to sources cited by Reuters, Goldman Sachs, JPMorgan Chase and Morgan Stanley have been appointed as lead underwriters on the initial public offering (IPO), with a new share sale to potentially launch at some time in 2024.

The size of the deal or the valuation of the IPO are yet to be determined, but Bloomberg previously reported that Shein is targeting up to $90 billion in the float. Should it achieve this figure, the China-founded Shein would be one of the most valuable companies to list in the US to emerge from the country.

The Reuters report notes that the most valuable China-founded company to go public in the US to date was ride-hailing firm Didi Global, which debuted at $68 billion in 2021.

In a fundraising round in May, the company was valued at more than $60 billion, representing a decrease of a third from a funding round in 2023.

Despite reportedly hiring underwriters, recent poor IPOs from companies ranging from shoemaker Birkenstock to processor maker Arm Holdings may deter Shein from listing in the US in the near future.

US IPOs have raised just shy of $24 billion to date in 2023. This is up from the $21.3 billion raised at this time in 2022, but a far cry from the $300 billion total raised from US IPOs at the end of 2021.

Shein reportedly attempted to list on US markets in 2020 but shelved the plan, Reuters claims.

The fast fashion maker is in the crosshairs of US lawmakers, with Republican attorneys general from 16 states earlier this year asking the Securities and Exchange Commission (SEC) to audit Shein’s supply chain over reports of the use of forced labour.

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