Online fashion retailer Shein is set to file for an initial public offering in London as soon as this week that could value the company at about £50-billion (R1.2-trillion), according to a person familiar with the matter.

The timing of the filing could change and there’s no certainty a deal will result, said the person, who asked not to be identified because the plan is confidential. Sky News earlier reported Shein’s plan to file.

Shein’s offering could become one of the UK’s biggest-ever IPOs, clawing back a chunk of the market value London has lost from companies shifting their primary listings to New York. The London Stock Exchange also has largely missed out on this year’s revival of European IPOs.

Bloomberg News reported in February that Shein was actively looking at London as it had judged it unlikely that the US Securities and Exchange Commission would approve a New York IPO. US senator Marco Rubio was among those asking the SEC to block it, saying the company needs to disclose more about its operations in China.

Shein, which was founded in China and is now headquartered in Singapore, declined to comment on the IPO.

The company still needs approval from the China Securities Regulatory Commission to proceed with the listing under new rules that spell out the vetting required of companies ahead of an IPO outside China.

Elections

Talk of the IPO has resurfaced after the UK announced elections for 4 July, with opinion polls showing the opposition Labour Party far ahead of the Conservatives. Donald Tang, Shein’s executive chairman, has spoken to a number of Labour politicians, including shadow business secretary Jonathan Reynolds, Sky News reported. — Dinesh Nair and Thyagu Adinarayan, with Jennifer Creery, (c) 2024 Bloomberg LP