Shein is set to file the necessary paperwork with the Financial Conduct Authority for approval this week, according to reports
Online fashion giant Shein is reportedly preparing to file for a London stock market listing as early as this week.
The China-founded, Singapore-headquartered firm’s proposed listing could be one of the biggest deals for the London Stock Exchange in ten years, especially considering the current scarcity of new firms on the UK’s public markets. Sky News has reported that Shein is getting ready to submit its initial public offering (IPO) prospectus to the Financial Conduct Authority (FCA) for approval.
Insiders have suggested this could happen this week, or possibly later in the month. Shein, which also owns the Missguided brand in the UK and reported sales of £1.1billion in its UK operation in 2022, has yet to comment. The stock market float could potentially value the fast fashion company at around $66 billion (£51.6billion).
Despite having discussed share listing plans with both the US and UK, Shein has encountered significant regulatory obstacles in securing a New York listing. Last year, US lawmakers called for an investigation into the company over allegations of Uighur forced labour being used in some of its clothing production.
However, the London Stock Exchange and UK ministers, including Chancellor Jeremy Hunt who held talks with Shein executive chairman Donald Tang earlier this year, have been actively encouraging the business to float in London.