There is growing anticipation in London that Asian fashion giant Shein will choose to IPO in the UK, snubbing New York. A UK float had already been in the background in case US concerns over the Singapore-based company's Chinese ownership became an obstacle to a US listing.
Based on its last funding round, Shein is valued at around $66bn. Management is known to be keen to get an IPO away as soon as possible.
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Why is Shein looking at London in the first place?
Although Shein is headquartered in Singapore, its attempt to go public in the United States has been unsuccessful thus far due to the impact of Sino-American relations. It is believed that choosing to list in London is Shein's second option. Shein’s primary markets are North America and Europe.
Sources close to Shein said that a New York secondary listing may still happen if the company chooses to IPO in London.
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