China-based fast fashion giant, Shein, is set to make its debut in US stock market with an IPO in 2024. The company has enlisted Goldman Sachs, JPMorgan Chase, and Morgan Stanley as lead underwriters for the IPO. Shein has previously conducted discreet roadshows in the US as part of its IPO preparations. Known for its budget-friendly offerings such as $10 tops and $5 biker shorts, Shein primarily ships products individually from China via air, enabling it to circumvent import taxes in the US. Additionally, the company benefits from the 'de-minimis' provision, exempting low-cost imports from tariffs.

Ongoing negotiations with three investment banks are in progress for the potential IPO, and Shein plans to collaborate with the New York Stock Exchange and Nasdaq for the venture. With a valuation surpassing $60 billion, Shein is on track to become the most valuable China-based company to launch an IPO in the US since Didi Global's $68 billion IPO in 2021.

In a strategic move, Shein has partnered with the SPARC Group to expand its market presence and capitalize on the increasing demand for its products.