Shein opened Hong Kong IPO at up to $27 billion valuation
What's new: The retailer aims to raise as much as HK$13.86 billion, with trading set to begin Sept. 1 after years of failed listing plans.
Shein opened its long-awaited Hong Kong initial public offering on Monday, seeking a valuation of as much as $27 billion after a steep drop from its private-market peak. The China-founded, Singapore-headquartered fast-fashion retailer is selling 280 million shares at HK$47.60 to HK$49.50 each, which could raise up to HK$13.86 billion, or about $1.77 billion. The final price is due Aug. 31, and trading is scheduled to start Sept. 1. The valuation is roughly 70% below the nearly $100 billion level Shein reached in 2022. Filings cited slower growth, rising costs, pricing pressure and weaker Middle East demand linked to the Iran war. Cornerstone investors include Boyu, Tiger Global, General Atlantic, Tencent and UBS Asset Management.