According to two people familiar with the subject, the fashion firm Shein has quietly registered to go public in the US. This makes it likely to be one of the most valuable China-founded companies to list in New York.

The IPO will be led by Goldman Sachs, JPMorgan Chase, and Morgan Stanley, and Shein, a Singaporean company, may begin selling fresh shares for sale as early as 2024, according to the sources.

Shein has not determined the size of the deal or the valuation at IPO, the sources said. Bloomberg reported earlier this month it targeted up to $90 billion in the float.

Shein and the banks declined to comment.

The company founded in mainland China in 2012 was valued at more than $60 billion in a May fundraising, down by a third from a funding round last year.

The most valuable China-founded enterprise to go public in the United States so far is e-commerce giant Alibaba Group (9988.HK), which debuted in 2014 at a valuation of $231 billion.

The fast-fashion giant’s move to go public in the U.S. comes as the market for initial public offerings is struggling to rebound after a string of lackluster stock market debuts.

In recent months there were four major IPOs, and three of them disappointed investors.