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Online fashion retailer Shein plans to file for an initial public offering in London as early as this week, a move that could value the company at around 50 billion pounds (1.2 trillion rand), according to people familiar with the matter.
The timing of the application was subject to change and it was uncertain whether a deal would be reached, said the people, who asked not to be identified because the plans are confidential. Sky News earlier reported on Mr Shane's plans.
Shane's IPO would be one of the biggest in British history and could help London regain a significant portion of the market value it has lost as companies move their main listings to New York. The London Stock Exchange has also largely missed out on a revival of European IPOs this year.
Bloomberg News reported in February that Shine was actively considering a London IPO after deciding the U.S. Securities and Exchange Commission was unlikely to approve a New York IPO. Senator Marco Rubio had urged the SEC to block the IPO, saying the company needed to disclose more about its China operations.
Shein, which was founded in China and is now headquartered in Singapore, declined to comment when contacted by Bloomberg News about the IPO.
The company still needs approval from the China Securities Regulatory Commission to go ahead with the listing under new rules that clarify the scrutiny companies are required to undergo before an IPO outside China.
Talk of an IPO resurfaced after Britain announced it would hold a general election on July 4, with opinion polls showing the opposition Labour Party with a large lead over the Conservatives. Shain chairman Donald Tan has met with several Labour politicians, including shadow business secretary Jonathan Reynolds, according to Sky News.