Chinese clothing retailer Shein has filed confidentially to hold an initial public offering (IPO) in London, England.
The exact timing of Shein’s IPO is not known, though it is expected to be one of the biggest share sales of the year.
Shein was last valued at $66 billion U.S. in a 2023 funding round.
The retailer has gained worldwide popularity for its cheap prices. Known as “fast fashion,” Shein sells shirts for as little as $5 U.S. and dresses for $10 U.S.
While the company has some retail outlets, most people buy the company’s clothing products online through its website.
There had been speculation that Shein might seek to hold its IPO in New York, but China’s market regulator has discouraged U.S. listings amid ongoing political tensions with America.
The London Stock Exchange has been actively courting foreign companies and overseas listing as it seeks to grow and diversify after England left the European Union.