Online Fashion Platform Meili Aims to Raise $500 Million in U.S. IPO
Chinese fashion-focused e-commerce platform Meili Inc. is seeking $500 million in an initial public offering (IPO) targeted for the second half of this year, people with direct knowledge told Reuters.
Meili, created through a 2016 merger between online fashion retailer Meilishuo and rival Mogujie, has mandated Morgan Stanley to lead the listing together with Credit Suisse and China Renaissance, the people said.
The company, which was valued at around $3 billion at the time of the merger, will go public in the U.S., according to two of the people, who declined to be named as the information is confidential.
Meili did not respond to Reuters’ requests for comment. The three banks declined to comment.
The float will add to a busy pipeline of Chinese tech companies that are seeking to go public this year, including smartphone maker Xiaomi Corp. and on-demand online services provider Meituan Dianping.
Most of the biggest deals are expected to take place in Hong Kong under new rules in the city designed to attract more tech and biotech IPOs, as competition for new floats heats up between Hong Kong, New York and the Chinese mainland.
But one of the sources said Meili still favors a U.S. listing as the company, which is not yet profitable, believes U.S. investors will be more familiar with its e-commerce business model, as e-commerce giants such as Amazon.com Inc., Alibaba Group Holding Ltd. and JD.Com Inc. are all listed there.
Meilishuo, which means “beauty talk” in Chinese, and Mogujie, or “Mushroom Street,” both started out as online marketplaces and social sites targeting female consumers, highlighting and promoting items such as clothes, shoes, skincare products and handbags.
They evolved into shopping sites similar to Alibabas Taobao and merged in January 2016 to create a fashion services group including a platform for internet celebrities and models, and its own fashion brand.
Founded in 2009, Meilishuo's backers include Tencent Holdings Ltd, GGV Capital and Sequoia Capital China.
Mogujie, established two years later by a former Alibaba executive, counts Ping An Ventures, a venture capital arm of Chinese insurer Ping An Insurance Co., Hillhouse Capital and Hopu Investment Management as investors.
Aug 17 05:58
Aug 17 04:13
Aug 16 20:48
Aug 16 18:19
Aug 16 16:10
Aug 16 15:19
Aug 16 15:07
Aug 16 15:35
Aug 16 12:23
- 1Praise for JD and Huya, Less Excitement for Tencent Music and DouYu as ‘Team Tencent’ Reports
- 2Casino Giant Galaxy Entertainment’s H1 Profit Drops 7% as High-Rollers Stay Away
- 3TCL to Unveil Own Smart Screen This Week, Sources Say
- 4CX Daily: Hong Kong Cuts GDP Growth Forecast, Announces Stimulus Amid Unrest
- 5Does China Care About Climate Change?
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas