Shein IPO prices near midpoint, valuing retailer at $26.5 billion
What's new: The deal is set to raise about $1.7 billion, far below the company's roughly $100 billion private-market peak in 2022.
Shein is set to price its Hong Kong initial public offering at HK$48.56 a share, near the midpoint of its marketed range, valuing the fast-fashion retailer at about $26.5 billion. The deal would raise about HK$13.6 billion, or $1.73 billion, ahead of trading set to begin Tuesday on the Hong Kong Stock Exchange. The pricing underscores how sharply Shein's valuation has fallen from its nearly $100 billion private-market peak in 2022 and its $66 billion fundraising valuation in 2023. Reuters previously reported the IPO book was fully covered, but analyst Alvin Cheung of Prudential Brokerage said retail demand had not been especially strong as investors questioned growth prospects after rising costs, tougher regulation and stronger online competition.