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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 US, 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.