Online fashion retailer Shein plans Europe roadshows ahead of London IPO, sources say
Chinese online retailer is valued at about US$66 billion, based on a fundraising round last year
The retailer, which uses Singapore as its headquarters, plans to hold those meetings mainly in Europe, one of the sources said, to test their investment appetite. The sources declined to be identified as they were not authorised to speak to the media. A spokesperson for Shein declined to comment.
The company confidentially filed papers with Britain’s markets regulator in early June, kicking off the process for a potential listing later in the year. Valued at US$66 billion in a fundraising round last year, the firm turned to London after its initial New York plan came unstuck following opposition from US lawmakers.
The group confidentially filed for an IPO in the US in November and concurrently sought consent from the China Securities Regulatory Commission (CSRC), sources said. Chinese regulators informed Shein earlier this year that it would not recommend a US listing due to its supply chain issues.
As Shein moves towards its public market debut, its treatment of workers and environmental record has come under increased scrutiny.
Shein is working towards an offering this quarter, subject to approval from the Financial Conduct Authority, a separate source familiar with the matter said. Its plan still requires CSRC approval. As of Thursday, the CSRC website did not include Shein approved offshore IPO candidates.
