The boss of Shein has publicly confirmed plans for an initial public offering for the first time, but has yet to set out a timetable for a float.
In an interview with the Financial Times, executive chairman Donald Tang did not offer a data or a prospective valuation for the e-commerce giant, but said “you’d want to IPO sooner than later”.
In its most recent funding round, Shein was valued at $66bn, but some investors have called for its valuation to be slashed to $30bn ahead of any IPO, the FT reported.
But Tang refused to be drawn into any discussion on valuation, saying: “When we are actually going public, there will be that question but we are not going public right now…we had not conversation so far, zero.”
The London Stock Exchange is thought to be the most likely destination for a float for Singapore-based Shein, after the firm’s initial plans for a New York IPO were met with hostility by US lawmakers.
Shein has already begun preliminary paperwork with the Financial Conduct Authority ahead of a listing.
The firm reported turnover of £1.6bn in the UK 2023, a jump of around 40% compared to the previous 16-month reporting period of September 2021 to December 2022, or a near doubling when adjusting for the length of reporting periods. Profits during the year more than doubled to top £24m.
The sales figures propel Shein to among the biggest e-commerce players in the UK, positioning the firm for bumper growth and raising hopes that it could fetch a huge eleven-figure valuation if it proceeds with plans to list on the London Stock Exchange.
In accounts filed to Companies House this week, Shein said it had deepened its presence in the UK with the opening of a new office in Manchester. The company also underscored the presence of women among its staff, pointing out that 25 of its 33 UK employees were women, as well as both of its two directors and all four of its UK managers.
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