Shein’s blockbuster potentially-London IPO has been rumoured to be on again and off again for some time, but the latest rumour is that it’s definitely happening and will be via the London Stock Exchange “early next year”.

The Times reported that the Singapore-headquartered company is preparing to hold an official investor roadshow — that means meetings between company management and institutional investors— in the weeks ahead.

It’s reportedly working with US investment banks Goldman Sachs, JP Morgan and Morgan Stanley on the share float.

The newspaper said founder Chris Xu and executive chairman Donald Tang have already started meeting investors in the UK and several US-based investors with stakes in UK retail businesses “are also understood to have been approached”.

A not-yet-formally-published prospectus is also said to be circulating.

As mentioned, the saga of the company’s IPO has been going on for some time. It had originally been planned for the US. But the environment there wasn’t welcoming to a major float of a company with strong China links.

That’s when the focus shifted to London with the IPO expected to see the total market value of the business above £50 billion.

It hasn’t been all plain sailing for the idea of a London float, however, with objections coming from multiple quarters given the company’s record on environmental, social and governance issues. During the general election campaign earlier this year there were also suggestions that the Labour Party shouldn’t welcome a Shein listing in the UK, even though senior MPs (who are now part of the government) had met the firm for talks.

There have also been objections from locally based retail peers who say that Shein has an unfair price advantage by shipping its low-cost goods directly from abroad as it means it can avoid duty on the items.

Such an adavantage is also available when shipping to the US but plans by the current government could scrap that benefit. Under Donald Trump, who’s promised/threatened heavier duties on goods coming from China (where Shein’s products are sourced) the rules may not only be scrapped but new, heavier duties could be imposed. 

The Times contacted the company for comment on its story but no reply has been received so far.