Shein to reportedly file confidential prospectus in London

In what is set to be a considerable step towards a possible London flotation, fast fashion giant Shein is reportedly preparing to file a confidential prospectus with local regulators that would value the company at around 50 billion pounds.

The China-founded, Singapore-based business is believed to be in the process of filing the prospectus for approval with the UK’s Financial Conduct Authority ahead of the potential IPO, according to sources for Sky News.

The media outlet noted that it was suggested that the confidential filing could take place as soon as this week, yet it is also possible that it could be carried out later this month.

This comes just days after Shein was faced with a potential obstacle in the pursuit of a London listing, however.

Like concerns in the US, where it was initially eyeing an IPO filing, UK politicians had advised regulators against allowing such a listing to take place in light of the upcoming general election, which has seen parliament come to a standstill as campaigns are underway.

Shein had been edging closer to London as a possibility after senators in the US advocated for a block on the IPO earlier this year due to concerns about the company’s ties to China and its lack of operational transparency.