Online health and wellness retailer iHerb is targeting a potential public listing after the US Labor Day holiday, according to two sources familiar with the matter.

The Irvine, California-based company has been progressing preparations for an initial public offering, the sources said. While the company does not fit the profile of a hyper-growth asset, its operating discipline and international reach are expected to support interest in the offering, this source said.

The business is part of the broader health and wellness category, this source said, a consumer theme that continues to attract investor attention.

While the company is seen as a solid candidate, the second source said a growing pipeline of consumer-oriented issuers has increased the importance of valuation discipline, adding that some recent private valuation expectations across the sector have been overly ambitious. The aftermarket performance of some recent consumer listings is evidence investors remain selective on pricing, this source noted.

Founded in 1996, iHerb sells vitamins, supplements and personal care products through its e-commerce platform, serving customers in more than 180 countries. The company generated USD 2.4bn in net sales in 2024 while fulfilling approximately 37m orders, according to company disclosures. A September anniversary sale generated USD 250m in sales, with more than 30 countries each exceeding USD 1m in monthly sales, according to the company.

More recently, iHerb reported record 2025 net sales of USD 2.9bn, up 19% year over year, while significantly increasing profitability. The company fulfilled more than 44m orders during the year, served 15m active customers worldwide and said approximately 80% of orders came from repeat customers.

It also expanded its fulfillment network with new facilities in Dallas-Fort Worth and Riyadh, Saudi Arabia; established a European office in the Netherlands; and completed the acquisition of Vitacost from Kroger in January 2026.

This news service previously reported that iHerb was preparing for a potential initial public offering in 2026.

iHerb did not respond to comment requests.