According to a report by Bloomberg, the company is in the early stages of looking at London, as it believes the US Securities and Exchange Commission (SEC) is unlikely to approve its IPO.

Shein is still working on its US application, as Bloomberg’s sources noted this is the preferred option. 

The firm would also need to file a new overseas listing application with Chinese regulators to switch to London.

Other venues such as Hong Kong and Singapore are also being considered for the listing.

In its 2023 full-year results, published yesterday (22 February), the firm said it was initiating shareholder consultations on the move, which is set to take place over the summer, if given the go-ahead.

If approved, Indivior would maintain a secondary listing in London, however.

Such a move would “reflect the group’s current and future opportunities” for its proprietary treatments, the firm’s board said, as they are centred in the US.

It added it expects to “attract more US investors and analysis” if it was to move its primary listing, as this could further elevate the “group’s leadership profile” in the addiction treatment sector, if it were to have a presence in the US capital markets.

Indivior argued the shift from London to the US would also allow the company to be included in the major US indices over time, and to reflect the fact that the proportion of share capital owned by US-based investors is nearing 50%.