London’s largest-ever IPO might be confirmed in as little as a few days, according to reports over the weekend.
Singapore-based fast fashion group Shein is expected to confirm London as its listing destination after accepting that approval for a US listing was unlikely.
Chancellor Jeremy Hunt has been courting the fast fashion group as a way to boost the London Stock Exchange that has seen a dearth of new issues and a host of companies leaving.
According to This is Money, the online clothing group faced tougher-than-expected scrutiny in the US due to it being an election year, while Chinese regulatory approval would also be a lengthy process.
Shein is expected to seek a valuation of around £70 billion, which would put it comfortably among London’s largest companies.
The Square Mile has tweaked listing rules twice in the past few years to help attract tech company flotations as part of a wider set of reforms to keep London a globally competitive financial centre after Brexit.