Online retailer iHerb selects banks for US$500 million IPO this year: sources
The health and wellness company taps JPMorgan Chase, Morgan Stanley and Citigroup for the offering
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[NEW YORK] iHerb, an online retailer focused on vitamins and supplements, has picked banks to lead its initial public offering, according to people familiar with the matter.
The health and wellness company selected JPMorgan Chase, Morgan Stanley and Citigroup for the offering, said the people, who asked not to be identified because discussions are private. The Irvine, California-based company is seeking to raise about US$500 million in the IPO, they said.
A listing could come as soon as this year, one of the people said. Deliberations are ongoing and details of the proposed IPO could change, the people said.
Representatives for JPMorgan, Morgan Stanley and Citigroup declined to comment. A spokesperson for iHerb did not immediately respond to a request for comment.
iHerb sells sports nutrition, beauty, bath and personal care, grocery, baby and pet care products from nearly 2,000 brands, according to its website. The company has a global workforce of more than 3,000 and serves over 15 million customers across more than 180 countries.
Earlier this year the company completed an acquisition of Kroger’s Vitacost in a push to expand its market presence in the US. The company generated more than US$2.8 billion in sales last year and was profitable, iHerb’s finance chief Mike Cody told Bloomberg News at the time.
The company filed paperwork confidentially for an IPO in 2021 before abandoning those plans in early 2022.
The move towards a public listing comes as investors and bankers ready for a record start to the year to continue with companies across industries tapping public investors.
Roark Capital-owned Inspire Brands and Jersey Mike’s Subs, the sandwich chain backed by Blackstone have filed confidentially for IPOs and are seen among the companies that could go public in the coming months. BLOOMBERG
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