IHerb selects banks for $500M IPO this year

iHerb, the online health supplements and natural products retailer, is moving forward with plans for an initial public offering that could raise around $500M, selecting banks to manage the deal as it targets a listing later this year.

The company has been circling this moment for a while. iHerb first confidentially submitted a draft registration statement for a proposed IPO back in July 2021, only to shelve those plans as market volatility and geopolitical disruptions, particularly the Russia-Ukraine conflict, made the timing less than ideal.

From shelved plans to record sales

The company reported record net sales of $2.9B for fiscal 2025. iHerb also completed the acquisition of Vitacost, a competing online health products retailer, from grocery giant Kroger in January 2026.

The company rang the Nasdaq Stock Market opening bell on January 9, 2026, a move that reads as a clear signal of where iHerb sees its future trading home.

The broader IPO market in 2026 has shown increasing activity across sectors, with major banks handling large deals. SpaceX, for instance, selected Goldman Sachs and other banks for its own capital markets activity.

The crypto angle, such as it is

iHerb does not directly accept cryptocurrencies as payment. Customers can purchase iHerb gift cards through platforms like CoinGate using Bitcoin, USDT, or USDC. There are also crypto-backed prepaid cards that work at checkout. But there’s no native token integration, no on-chain payment rails, and no indication that a public iHerb would change that approach.

What this means for investors

A $500M raise would value iHerb at a significant premium. The company’s $2.9B in record annual sales suggests the IPO size represents a relatively modest slice of equity.

For crypto investors specifically, the indirect payment channels through gift cards and prepaid cards mean that iHerb’s IPO doesn’t create any new direct crypto demand. No treasury Bitcoin purchases are likely forthcoming. No stablecoin payment integrations have been announced.

Investors should watch for the formal S-1 filing, which will reveal the banking syndicate, detailed financials, growth metrics, and risk factors that will determine whether iHerb’s public debut lives up to its record-setting private performance.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.