Chinese online fashion marketplace Shein is lining up a $2B
funding round with participation from UAE's sovereign wealth fund
Mubadala, General Atlantic, Tiger Global Management, and Sequoia Capital
China, per Reuters.
The move comes as it gears up for an IPO in
the U.S. later this year. Sources informed Reuters that the firm's
valuation at the ongoing funding round, set to close later this month,
is down by a third from its peak valuation of $64B from last year.
- Shein tried a U.S. listing in 2020 but abandoned its efforts because of escalating U.S.-China tensions.
- Sources claim that the firm held talks with several banks last month to become lead bookrunners for its upcoming IPO.
- Crunchbase data shows that the firm has raised $2.1B in total funding to date, the last of which came through a $1.5B Series F round in April 2022.
- The China Securities Regulatory Commission relaxed its restrictions for Chinese companies looking to list overseas last month in a bid to revive its economy.
- Last
year, Chinese companies raised $230M from their respective U.S.
listings, a fraction of the $12.9B raised in 2021, per Refinitive.
