London Looks Past the Fast Fashion IPO That Divided the City (1)

With Shein Group Ltd. turning its attention to Hong Kong for its initial public offering, London’s financial community is looking beyond the fast-fashion group as listing activity begins to break a years-long drought.

Shein’s IPO, which at one point was eyeing a valuation of as much as £50 billion ($67.3 billion), would have been the London Stock Exchange’s largest such listing in years, but it divided public opinion over risks associated with its governance and a business model exposed to turbulent trade policies.

“The London IPO market is not dependent on an IPO of Shein,” Jamie Constable, market strategist ...