🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Shein close to announcing London IPO - reports

Published 25/03/2024, 14:36
© Reuters Shein close to announcing London IPO - reports
LSEG
-

Proactive Investors - Shein is expected to announce the London Stock Exchange as the destination for its initial public offer in a matter of days, according to reports.

Directors of the Singapore-based fast-fashion behemoth are close to deciding on London over New York for their listing, the Daily Mail's This Is Money reported.

London is also reported by the Times to be the frontrunner for an IPO that is aiming for a valuation just north of £70 billion, which would put it in the LSE's top six.

The Shein board have concluded that a US application is not likely to be accepted by authorities there, according to reports last week.

Chancellor of the Exchequer Jeremy Hunt met with Shein chairman Donald Tang last month to persuade him to commit to what would be one of London’s biggest corporate flotations.

The Square (NYSE:SQ) Mile has tweaked listing rules twice in the past few years to help attract tech company flotations as part of a wider set of reforms to keep London a globally competitive financial centre after Brexit, but this has not yet coincided with any influx of new issues, with not a single IPO completed in the fourth quarter and 2024 remaining deathly quiet so far.

Last year, Shein sold over £1.3 billion in the UK, according to GlobalData, giving it just over 2% of the UK’s clothing market.

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.