The Strategist

Reuters learns of Shein's IPO filing in London

06/25/2024 - 11:34

Reuters reports, citing sources, that Shein has submitted an IPO application in London.

Dick Thomas Johnson | Flickr
Dick Thomas Johnson | Flickr
According to Reuters, which cites people familiar with the matter, Chinese online clothes retailer Shein filed a confidential application for an initial public offering in London at the beginning of June.

It is yet unknown when precisely Shein intends to hold an IPO in London, according to Reuters. The agency reports that although the shop has notified the China Securities Regulatory Commission (CSRC) of the change in the offering's location, sources claim that approval has not yet been granted.

Shein had initially filed for a November 2023 offering and intended to go public in the US. But US authorities are keeping a close eye on the company. Shein was formed in the Chinese city of Nanjing, and the Financial Times pointed out that although if the company's headquarters are now in Singapore, the majority of its business is still done there.

Republican Senator Marco Rubio petitioned the SEC in February to prevent the store from going public, arguing that the business has to provide additional details about its activities in China.

Shein finally concluded that it was doubtful that the US Securities and Exchange Commission (SEC) would approve its IPO application. According to Reuters in May, the retailer stepped up its preparations for an IPO in London as a result of obstacles to listing in the United States.