Shein is ramping up its efforts for an unprecedented £53bn initial public offering on the London Stock Exchange.
The Chinese fast-fashion retail giant has chosen London as its listing destination due to challenges with regulations in China and the US, as well as opposition from US lawmakers.
According to sources cited by Reuters, Shein intends to inform China’s securities regulator about relocating its listing from New York to London and is aiming to file with the London Stock Exchange sometime this month.
While the timeline seems ambitious, another source from Shein stated that the company aims to complete the London IPO by the end of the year.
JP Morgan, Goldman Sachs, and Morgan Stanley are reportedly managing the high-profile IPO and stand to earn significant fees, estimated to be at least $600m (£480m) should the listing move forward.
A London listing would provide a welcome boost to the City, addressing concerns that London is lagging behind other exchanges, particularly New York and Amsterdam, in attracting listed companies.
Shein’s profits surged over $2bn (£1.6bn) in April, more than doubling from the previous period. Sources informed the Financial Times that the company recorded sales of approximately $45bn last year.
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