Shein Files Confidential IPO Papers Targeting $90 Billion London Listing
Shein has officially thrown down the gauntlet. On December 1, 2025, the ultra-fast-fashion titan quietly submitted confidential registration documents to the London Stock Exchange, setting the stage for what could become the largest European IPO in over a decade at a targeted $90 billion valuation. The move marks a dramatic comeback for a listing that spent most of 2025 trapped in regulatory limbo, and it confirms London as the surprise winner in a three-way geopolitical tug-of-war between New York, Hong Kong, and the City.
The filing, first reported by Bloomberg and later confirmed by multiple sources inside the deal, ends months of speculation. Shein had originally hoped for a blockbuster New York debut in early 2025, only to withdraw after U.S. lawmakers threatened to block any listing tied to alleged Uyghur forced labor in its cotton supply chain. A subsequent pivot to Hong Kong collapsed in September when Beijing’s securities watchdog refused clearance, citing “national data security” concerns for the company’s vast trove of consumer behavior analytics. London, desperate to reclaim its status as a global listings hub post-Brexit, offered the path of least resistance: lighter disclosure rules, a deep bench of China-friendly investors, and no direct exposure to the incoming Trump administration’s tariff hammer.
The $90 billion target is eye-watering. It would value Shein at roughly 1.8 times its projected 2025 revenue of $50 billion and 45 times its anticipated $2 billion net profit—multiples that dwarf traditional retailers like Inditex (Zara) and H&M, which trade closer to 15–20 times earnings. Yet underwriters led by Goldman Sachs, JPMorgan, and Morgan Stanley argue the premium is justified: Shein’s gross merchandise value grew 40% year-over-year through November, its app remains the most downloaded shopping platform globally, and its AI-driven supply chain can push a new design from concept to customer in as little as seven days.
Behind the scenes, Shein has spent the past six months aggressively cleaning house to appease regulators. It appointed a new chief compliance officer, published its first audited supplier list (claiming zero Xinjiang cotton), and pledged $50 million toward textile recycling partnerships in Europe. It also relocated its global headquarters from Nanjing to Singapore and restructured ownership to dilute direct Chinese state influence—moves clearly engineered to pass London’s “premium listing” national security review.
Investors are already circling. Abu Dhabi’s Mubadala, Singapore’s Temasek, and existing backers General Atlantic and Tiger Global are expected to anchor the deal, while London-based funds like Baillie Gifford and Scottish Mortgage have signaled strong interest in the growth story. Retail participation through platforms such as Hargreaves Lansdown and Interactive Investor is predicted to be massive, echoing the frenzy around Deliveroo and The Hut Group in years past.
Still, the risks loom large. The Trump administration’s promised 60% tariffs on Chinese-origin goods, combined with the closure of the de minimis loophole that once let Shein ship parcels duty-free, could slash U.S. margins overnight. European lawmakers are drafting “fast-fashion taxes” targeting high-volume polluters, and rival Temu is eating into Shein’s lunch in Latin America and Southeast Asia with even lower prices.
If successful, the IPO would raise an estimated $7–10 billion, dwarfing Wise’s £1 billion float in 2021 and instantly making Shein the LSE’s third-largest consumer stock behind Unilever and Diageo. Roadshows are tentatively scheduled for March 2026, with pricing expected in May or June.
For London, it’s a potential lifeline. For Shein, it’s the ultimate high-wire act: turning a company built on $8 dresses and TikTok virality into a blue-chip public entity—while the world watches with bated breath.
