Online fast-fashion group Shein has filed confidential paperwork for an initial public offering with the UK’s markets regulator, said two people familiar with the matter. The move is taking Shein a step closer to what could be a blockbuster listing for London, following the company’s decision to ditch a planned IPO in New York. The Chinese-founded group could fetch a market valuation of about £50 billion (NZ$103b).
Shein, which grew in popularity during the coronavirus pandemic when millions of people switched to online shopping, submitted the pre-listing documentation with the Financial Conduct Authority earlier this month, said one of the people. The filing is a precursor to the Singapore-domiciled company releasing its IPO prospectus, which the UK regulator would have to approve before the listing. Shein, whose majority of staff and manufacturing are located in China, has yet to receive approval from China’s authorities to list in London.
The company could decide to sell shares for the first time elsewhere if it faced regulatory hurdles or better listing conditions somewhere else, the people briefed about the matter cautioned. A Hong Kong listing is another option under consideration, they added. Shein, which is working with Goldman Sachs, JPMorgan and Morgan Stanley on its IPO plans, had planned to go public in New York but veered towards London after getting caught up in the tensions between the US and China .
Donald Tang, Shein’s executive chair, told the Finan.
