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Fabletics, the workout-apparel brand backed by Kate Hudson, has tapped banks to help it prepare for an initial public offering that it hopes would value it at more than $5 billion, according to people familiar with the matter.
Fabletics, owned by TechStyle Fashion Group, recently selected Morgan Stanley
MS,
Goldman Sachs Group Inc.
GS,
Barclays Plc.
BCS,
and Bank of America Corp.
BAC,
for its IPO and is aiming to raise around $500 million in an offering, they said.
