Chinese online fashion retailer Meilishuo, backed by Tencent Holdings, is reported to be in talks with several investment banks to launch an initial public offering of shares (IPO) in the U.S.

The IPO could value the start-up at circa 4 billion dollars, according to people familiar with the matter quoted by the ‘South China Morning Post’. The womenswear e-tailer hosted a so-called bake-off to discuss IPO prospects with potential advisers and underwriters, the same sources added.

Meilishuo, which merged with rival Mogujie in 2016 resulting in a company delivering 3 billion dollars in sales, was said to have been valued at 3 billion dollars at the time of that deal. Now, based on the sector’s growth – think JD.com or Alibaba – Meilishuo has its sights set on a 4 billion dollars valuation as its initial target, a target that could change if a deal proceeds.

Founded in 2009, Meilishuo runs an online marketplace selling clothes, shoes, and handbags. Seven years after its launch, it merged with back then competitor Mogujie. Market sources point out that it was then when it first started considering floating on the public stock market.