Singapore-based fast-fashion retail platform Shein has been asked to lower its valuation for a London IPO to $30 billion, according to Bloomberg.

Monday's report, citing sources, said Shein was under pressure from its investors to make the valuation adjustments needed to make the U.K. listing a reality.

Shein was valued at $100 billion in 2022 and $66 billion in 2023 in its latest funding round.

In January last year, media reports said that investors were trying to sell shares in Shein, and the company's valuation fell to $45 billion.

However, Shein was unsuccessful in listing in the U.S. and turned to the U.K. last year to file its listing documents.