Shein has added more banks to help arrange its potential initial public offering that could value the online fashion retailer at £50 billion ($65 billion), potentially one of the biggest listings in London in recent years, people familiar with the matter said.

Barclays Plc and UBS Group AG have been picked as bookrunners for Shein’s IPO, said the people, who asked not to be identified as the information is private. A listing could take place as soon as early next year, the people said. Deliberations are ongoing and details of the IPO could still change, the people said.

The new bank mandates come as Shein is meeting prospective investors in New York this week following similar outreach in London. The company has been working with Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley on the listing preparations, Bloomberg News has reported.

Representatives for Barclays, UBS and Shein declined to comment.

Shein rerouted its application to London and confidentially filed papers with the UK authorities earlier this year after its initial goal of listing in the US turned sour. The US Securities and Exchange Commission declined Shein’s request to submit a preliminary prospectus confidentially. Its listing still requires regulatory approvals in China and the UK. 

Founded in China but now based in Singapore, Shein has become one of the world’s most valuable startups thanks to its model of high-volume, ultra-cheap fashion. Its phenomenal success has drawn competition from the likes of ByteDance Ltd.’s TikTok and PDD Holdings Inc.’s Temu.

In the UK, Shein saw its revenue rising 38% in 2023 from a year earlier, according to a filing last week at UK registry Companies House. Significant milestones in the year included opening its Manchester office and pop-up shops across the UK, including a bus tour, the company said.

All companies looking to sell shares in London will face scrutiny over workers’ rights, UK Prime Minister Keir Starmer told Bloomberg Television on Monday, in response to questions about whether his new Labour government would welcome a listing by Shein.