Barclays Plc and UBS Group AG have been appointed as bookrunners for Shein’s upcoming IPO, according to sources familiar with the matter, who asked to remain anonymous as the information is private. The listing could happen as early as next year, although discussions are ongoing and details may still change.
The new banking roles come as Shein holds meetings with potential investors in New York this week, following similar discussions in London. Shein has also been working with Goldman Sachs, JPMorgan Chase, and Morgan Stanley on preparations for the IPO, Bloomberg News reported.
Representatives from Barclays, UBS, and Shein declined to comment.
Earlier this year, Shein redirected its IPO application to London and filed confidential paperwork with UK regulators, after its initial attempt to list in the US faced obstacles. The US Securities and Exchange Commission (SEC) rejected Shein’s request to submit a preliminary prospectus confidentially. The IPO still requires regulatory approvals in both China and the UK.
Shein, founded in China and now based in Singapore, has grown into one of the world’s most valuable startups, thanks to its high-volume, low-cost fashion model. Its success has led to increased competition from companies like ByteDance’s TikTok and PDD Holdings’ Temu.
In the UK, Shein saw a 38% increase in revenue in 2023 compared to the previous year, according to a filing last week with the UK Companies House. The company also expanded its presence in the UK, opening a Manchester office and launching pop-up shops, including a bus tour.
As Shein prepares for its listing, UK Prime Minister Keir Starmer emphasized that companies seeking to sell shares in London will face increased scrutiny on workers’ rights. This comment came in response to questions about whether his Labour government would support Shein’s potential listing.
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