Fashion company Shein is said to have confidentially filed to go public in the United States, Reuters reported on Monday, quoting two sources familiar with the matter. Shein’s potential listing could likely be one of the most valuable China-founded companies to go public in the US.

Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the offering, and Singapore-based Shein could go public sometime in 2024, the sources reportedly said.

Shein has not determined the size of its offering or the valuation at IPO, the sources said. Bloomberg reported earlier this month it targeted up to $90 billion in the float.

The news also came after Shein announcement the acquisition of Missguided, a British women’s fashion brand, from Frasers Group last month.

Shein, Goldman and JPMorgan declined to comment, while Morgan Stanley did not immediately respond to Reuters’ request for comment. Shein has yet to respond to TNGlobal‘s query at press time.

Shein had started low-profile roadshows for the float in the US, said one of the sources.

The company founded in mainland China in 2012 was valued at more than $60 billion in a May fundraising, down by a third from a funding round last year.

According to Reuters, the most valuable China-founded enterprise to go public in the United States so far is ride-hailing giant Didi Global’s debut in 2021 at $68 billion valuation.

Reuters in July reported that Shein – which attempted to list in the U.S. in 2020 but shelved that plan – has been working with at least three investment banks about a potential IPO.

In August, Republican attorneys general from 16 US states asked the Securities and Exchange Commission to audit Shein’s supply chain for the alleged use of forced labor ahead of its potential IPO, the reported added.

Shein ships the majority of its products directly from China to shoppers by air in individually addressed packages.

The direct shipping strategy helped the firm avoid unsold inventory piling up in warehouses and avoid import tax in the US, one of its biggest markets, as it allows the e-tailer to take advantage of the “de minimis” provision that exempts cheap products from tariffs. Some critics say the provision allows companies to evade higher tariffs on Chinese goods, the report noted.

Shein’s confidential US IPO filing was first reported by China’s Shanghai Securities Journal last week. The Wall Street Journal earlier on Monday confirmed the report citing sources, the report added.

Shein is a global online fashion and lifestyle retailer, offering SHEIN branded apparel and products from a global network of vendors, all at affordable prices, Shein said in its Linkedin profile. Founded in China but now headquartered in Singapore, SHEIN said it remains committed to making the beauty of fashion accessible to all, promoting its industry-leading, on-demand production methodology, for a smarter, future-ready industry.

Founded in 2012, SHEIN has more than 10,000 employees operating from offices around the world.

SHEIN acquires British women fashion brand Missguided