Online fashion giant Shein is nearing a potential London Stock Exchange listing, according to Sky News.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
The media company reported on Sunday evening that the company could file a prospectus with the UK's Financial Conduct Authority as early as this week, marking a significant step towards a possible £50 billion IPO.
Goldman Sachs, JP Morgan and Morgan Stanley are said to be advising on the deal.
If it were to go ahead, this would be the second-largest IPO in the London Stock Exchange's history. Shein had initially set its sights on a New York listing but reportedly faced political opposition due to its links to China and supply chain concerns.
As a result, a London listing now appears more favourable. Sky News said UK officials have been courting Shein for months, with meetings between the company's chairman and government representatives. While filing the prospectus doesn't guarantee a London listing, it suggests the city is the frontrunner.
If the IPO happens, Shein is expected to raise over £1 billion, a relatively small sum compared to its anticipated valuation. A successful listing would be a major win for the London Stock Exchange, which has recently seen some high-profile departures.
However, in recent weeks, London has secured the potential IPOs of Raspberry Pi, the personal computer manufacturer, which has bolstered the LSE.
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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.