(Bloomberg) — PatPat, a clothing and maternal products online marketplace, is exploring an initial public offering, according to people familiar with the matter.
The SoftBank Vision Fund 2-backed firm has held early discussions with potential advisers, the people said, asking not to be identified as the information isn’t public. A share sale could happen as soon as this year and could raise about $500 million, they said. PatPat could be valued at roughly $3 billion, two of the people said.
The company, doing business as Interfocus Inc., is considering IPO venues including Hong Kong, the people said. It could also choose to list in the U.S., one of the people said.
Deliberations are ongoing and details of the offering such as size, venue and timing could change, the people said. PatPat didn’t immediately respond to requests for comment.
PatPat closed a $160 million series D2 fundraising round in August, a month after raising $510 million in its C and D1 rounds, according to a statement on existing investor Ince Capital’s website. Other backers include DST Global, Capital Today, General Atlantic and Ocean Link, the statement showed.
Founded in 2014 in Mountain View, California by two former Oracle Corp. engineers, PatPat sells clothing and maternal products featuring licensed brands including Care Bears and Smurfs, according to its website. The retailer has offices in California and Shenzhen, and counts more than 1,000 employees, according to its LinkedIn page.
PatPat counts on China’s apparel supply chain industry and logistics infrastructure, and serves consumers in more than 100 countries and regions, Ince’s statement showed.
Cross-border e-commerce is booming in China, with multinational companies meeting the recent Covid-19-fueled demand for online shopping by taking advantage of the country’s fashion supply chain and lower-cost logistics. Shein, a Chinese fast fashion platform, overtook Amazon.com Inc. last year in downloads of shopping apps on U.S. stores.
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
