Shein, which was valued at $66bn in its last fundraising, will file a confidential prospectus with the City regulator this month as it nears a blockbuster City listing, Sky News learns.
Shein, the online fashion behemoth, is on the verge of taking a huge stride towards a London flotation that would value it at about £50bn and rank among the most significant – and contentious – deals in the UK’s capital markets for years. Sky News can exclusively reveal that Shein, which was founded in China but is headquartered in Singapore, is preparing to file a prospectus with the Financial Conduct Authority for approval ahead of its potential float.
Shein has been at the centre of controversy over its use of cotton from the Xinjiang region of China and other issues related to workers' rights and its vast supply chain. If it does proceed with a London listing, Shein is expected to seek to raise over £1bn from the sale of new shares to investors. This would, however, be relatively modest in the context of an anticipated valuation of £50bn or more. The company was valued at $66bn in its last funding round early last year.
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