Popular online fashion company Shein plans to file for a £50 billion initial public offering (IPO) on the London Stock Exchange within the week, according to reports, with Sky News reporting that this could held later in June.

The company, which was founded in China and is now based in Singapore, has been ramping up preparations for a UK stock sale after facing regulatory hurdles and intense scrutiny when it tried to list on the US stock exchange.

An initial public offering (IPO) could value the company at around $66 billion.

A spokesperson for Shein declined to comment on the reports, according to the BBC.

Shein has previously been linked to unethical business practices, including allegations of forced labor. Now, a confidential filing with the UK’s Financial Conduct Authority could set the stage for a major sale of its stake on the London stock exchange.

It is recalled that Shein filed documents for a possible listing on the New York Stock Exchange last January, however, the company faced obstacles from US lawmakers who expressed their concerns about the company’s ties to China.

The company has been accused many times for the prevailing working conditions. Last month, a report said conditions at the company were abysmal with workers working 75-hour weeks, despite the company promising to improve them.

A new investigation by Swiss advocacy group Public Eye followed its 2021 report, which found that a number of staff were consistently working overtime. According to the research team, which interviewed 13 employees from six factories in China that supplied Shein, excessive overtime was still common for many workers.

Shein told the BBC that she was “working hard” to address the issues raised by the Public Eye report and that she had made “significant progress in improving conditions”.

Shein has grown rapidly since it was founded in 2008 and is one of many online businesses that have flourished during the pandemic and lockdown.