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Shein accelerates plans to list on London Stock Exchange after US hurdles
Sunday May 12, 2024 12:24
Fast fashion giant Shein has reportedly stepped up preparations for a blockbuster IPO on the London Stock Exchange following regulatory hurdles and resistance from lawmakers across the Atlantic.
The company, which was founded in China but is now headquartered in Singapore, plans to notify China's securities regulator of the change in listing location from New York to London and file with the Stock Exchange London this month a source told Reuters.
Shein reportedly began engaging with its London-based financial and legal advisory teams to explore a listing in the City earlier this year. He is also said to have contacted London-based fund managers for introductory meetings ahead of the planned IPO.
Shein and the LSE declined to comment. The China Securities Regulatory Commission did not respond to a request for comment.
The company's plan for an IPO in New York officially remains on the table, but it faces regulatory hurdles in the United States and China. Last May, a bipartisan group of U.S. lawmakers urged the SEC to block Shein's IPO until it verified that it did not use forced labor.
A source told Reuters that Shein was valued at $66 billion in a fundraising round last year.
A London IPO would be a huge boost to the capital's struggling stock market, which is struggling with a lack of IPOs and a wave of large companies being privatized or moving overseas.
US private equity firm Thoma Bravo has agreed a $5.3 billion (4.3 billion) deal to buy British cybersecurity firm Darktrace, sparking calls for urgent government action amid fears that London's biggest companies start to leave the market.
The failure of a takeover bid for mining giant Anglo American last month came shortly after comments from the chief executive of Shell, the second largest company in the FTSE 100, fueled fears that it can move its listing elsewhere.
Separately, The temperature reported on Saturday that British IT company Raspberry Pi was finalizing plans for a London float with a valuation of up to 500 million. The company declined to comment.
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