London bankers have waited more than two years for a recovery in IPOs. When news of fast-fashion startup Shein’s potential stock market listing first emerged with a potential valuation of £50 billion ($64 billion), the city saw a deal that could finally reverse the slump.
It won’t be easy. To pull off one of Britain’s biggest ever initial public offerings, the controversial e-commerce retailer will have to convince regulators, politicians and investors that it meets their standards for listing.
Critics warn that a Shein listing in London would make the City a market of last resort. They point to allegations about the company’s environmental, social and governance performance, including accusations highlighted by US politicians that the Chinese-founded company’s products are linked to forced labor. Shein has said it has a zero-tolerance policy on forced labor.
