- Shein plans London IPO at $64B valuation.
- Shein about raise $1.3B, becoming second-highest valued Chinese unicorn.
- The company shifted from New York due to US-China tensions.
London is calling!
Shein is reportedly planning to go public on the London Stock Exchange, an offering that could value the company at around US$63.9 billion, according to the South China Morning Post.
The company aims to raise US$1.3 billion from the IPO, which could make Shein the second-highest valued Chinese unicorn, behind ByteDance.
Shein’s geopolitical hopscotch
Due to rising US-China tensions, Shein has reportedly shifted its IPO plans from New York to London, following the company’s decision to move its headquarters from Nanjing, China to Singapore in 2021.
It remains unclear if the company needs approval from Chinese regulators for the IPO under new rules set by the China Securities Regulatory Commission.
Shein serves customers in over 150 countries and has a large sourcing center in Guangzhou. The company has appointed Goldman Sachs, JP Morgan, and Morgan Stanley as financial advisors for its IPO.
Despite a slight dip in valuation from its peak of US$100 billion in April 2022, Shein’s current valuation of US$64 billion positions it as a major player in the global fashion industry.
To read the original article: https://www.techinasia.com/shein-file-london-ipo-64b-valuation
