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PRESS: Shein eyes London listing after facing obstacles in the US

27th Feb 2024 11:02

(Alliance News) - Fast-fashion company Shein is considering the possibility of switching its initial public offering to London from New York because of hurdles to the listing in the US, according to Bloomberg.

Shein, which was founded in China but is now headquartered in Singapore, is in the early stages of exploring the London option as it has judged it unlikely that the US Securities & Exchange Commission will approve its IPO, Bloomberg said.

However, the US remains Shein's preferred location, the report said, with other possible venues including Hong Kong or Singapore.

A London listing would be a major coup for the 'Square Mile' which has struggled to stem the exodus of firms to the US and elsewhere.

Chip designer Arm Holdings PLC spurned London for a New York IPO last year, while earlier this month Tui AG shareholders voted to delist from the London Stock Exchange and move trading primarily to Germany.

In January, Flutter Entertainment PLC said the New York Stock Exchange is "now the optimal location" for a primary listing. A switch to the NYSE "should be made as soon as practicable", the FTSE 100 listing added.

The Paddy Power owner said it would put a proposal forward to shareholders at its May 1 annual general meeting. If backed, the switch could take place late in the second quarter or early in the third.

Building materials firm CRH PLC moved its primary listing to New York in September. Plumbing and heating products supplier Ferguson PLC did the same in May 2022, months after miner BHP Group Ltd shifted its main listing to Sydney.

By Jeremy Cutler, Alliance News reporter

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Copyright 2024 Alliance News Ltd. All Rights Reserved.

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