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China’s Shein confidentially filed for an IPO in the US on Monday, enlisting Goldman Sachs [GS], JPMorgan [JPM] and Morgan Stanley [MS] as the lead underwriters in an offering that values the fashion retailer at $66bn. Shein, known for its economically priced workout clothes, is expected to go public in 2024, reported Reuters.
Meituan: From Strength to Strength
Chinese giant Meituan [MPNGF] has reported its third profitable quarter in a row, boosted by resurgent travel demand, even as growth slowed for its core delivery business. Sales were up 22% to RMB76.5bn, while net income nearly tripled, to RMB3.6bn. Nevertheless, Chief Financial Officer Chen Shaohui anticipated that order volumes would drop this quarter.
2024 IPO for Reddit?
Social media platform Reddit is once again in talks with potential investors, with Bloomberg reporting that the San Francisco-based firm could seek to IPO as early as the first quarter of next year. There is speculation around several other IPOs, among them Microsoft [MSFT]-backed Rubrik, a cloud and data security start-up, and Kim Kardashian’s Skims clothing label, which was valued at $4bn over the summer.
Meta in Hot Water
A US judge has blocked Meta’s [META] attempt to take the Federal Trade Commission to court over revisions to its privacy settlement; Meta shares fell as much as 1.2% on the news Monday. The Wall Street Journal has said tests found that Instagram’s Reels function served up disturbingly salacious content. Lastly, advocacy group NOYB has filed a complaint with the Austrian regulator over Meta’s subscription service, saying it was equivalent to paying a fee to guarantee privacy.
iRobot Drops 17% on Amazon Warning
Amazon [AMZN] is set to launch its palm-scanning technology beyond its current scope as a payment tool, and is pitching the service to companies as a form of security enhancement. Despite rumours to the contrary, the European Commission warned the e-commerce giant on Monday that its proposed $1.4bn acquisition of Roomba-maker iRobot [IRBT] could be nixed due to antitrust issues. IRobot shares dropped 17% on the news.
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