Shein makes moves towards London IPO - reports

24th Jun 2024 13:35

(Sharecast News) - Chinese online fast fashion behemoth Shein has taken a step towards a potential public listing, it emerged on Monday, with reports that it confidentially filed documents with Britain's markets regulator in early June.

According to Reuters, citing two unnamed sources familiar with the matter, the move could position Shein for one of the largest initial public offerings (IPOs) worldwide this year.

The company, which was valued at $66bn in a fundraising round last year, reportedly started collaborating with financial and legal advisors earlier in the year to explore the possibility of listing on the London Stock Exchange.

Reuters said the exact timing of an IPO remained uncertain, with neither Shein nor the Financial Conduct Authority commenting on the matter.

Shein had reportedly informed China's securities regulator of its intention to change its listing venue to London, but was still awaiting approval from the China Securities Regulatory Commission (CSRC).

A float in London would represent a shift from Shein's earlier plans for a US initial public offering.

The firm had confidentially filed for an IPO with the US Securities and Exchange Commission in November, seeking approval from the CSRC at that time.

Reuters said the CSRC had previously advised against a US IPO due to concerns about the company's supply chain issues.

Reporting by Josh White for Sharecast.com.