Robert Way
Chinese fast-fashion platform Shein may file for an initial public offering on the London Stock Exchange as soon as this month.
The online fashion retailer is expected to update China’s securities retailer on the change of its IPO to London from the US and file with the London Stock Exchange as soon as this month, according to a Reuters report on Friday, which cited people familiar with the matter. Shein has approached London-based fund managers for introductory meetings ahead of the planned IPO.
A London IPO comes after Bloomberg report in February that Shein was considering switching its IPO to London from New York because of regulatory issues with a US listing. Bloomberg reported in January that Shein investors were trying to sell shares in private market deals at valuations of $45B to $55B, down from a valuation of $66B from a fundraising in May.
Shein confidentially filed for an IPO in the US in November.
Shein is facing increasing competition from PDD Holdings’ (NASDAQ:PDD) Temu and accusations of copyright infringement from Fast Retailing Co.’s Uniqlo (OTCPK:FRCOF) to Hennes & Mauritz AB (OTCPK:HMRZF),
