iHerb Eyes $500M IPO, Selects JPMorgan and Two Other Banks as Underwriters
0xBroomberg
U.S. health-products e-commerce platform iHerb has picked JPMorgan, Morgan Stanley and Citi to lead an IPO targeting roughly $500 million, potentially listing as soon as this year — its second attempt after shelving a 2022 filing.
How big is this deal, and who is running it?
iHerb plans to raise approximately $500 million through an IPO, potentially completing the listing this year.
The three lead underwriters — JPMorgan, Morgan Stanley and Citi — are all top-tier Wall Street banks, a high-profile lineup.
This means → hiring all three signals iHerb expects strong institutional demand, not a tentative test of the market.
What exactly does iHerb sell?
Based in Irvine, California, iHerb sells vitamins, dietary supplements and sports nutrition, hosting nearly 2,000 brands on its platform.
Its catalogue spans beauty, personal care, grocery, baby and pet-care products, serving over 15 million consumers across more than 180 countries with a workforce exceeding 3,000.
Last year's revenue topped $2.8 billion, and the company is already profitable. In plain terms = this is not a cash-burning growth story — it is a business that makes money.
Why come back to market now?
iHerb confidentially filed for an IPO in 2021 but pulled the plan in early 2022 as market conditions deteriorated.
Earlier this year, it completed the acquisition of Vitacost from Kroger, expanding its U.S. market share.
This means → the acquisition closed, profitability confirmed, and the U.S. IPO window reopened — all three conditions aligned before the company tried again.
Who else is lining up in this IPO window?
U.S. equity capital markets have picked up, with several companies preparing listings around the same time.
Among them are Roark Capital's Inspire Brands and Blackstone-backed Jersey Mike's Subs.
Sources caution that iHerb's IPO discussions are still ongoing and deal details could still change.
Content is for reference only, not financial advice.