Shein said to be aiming for Sept 1 IPO

Hong Kong-based fast-fashion retailer Shein is set to launch its Hong Kong initial public offering (IPO) on September 1, according to sources familiar with the matter, although the actual listing could occur a few days later. This marks a slight shift from the initially announced September 1 target date. Reuters initially reported Shein's aim to list on August 28, but the delay aligns with broader market trends of sluggish growth and rising costs dampening investor enthusiasm.

Among the key investors in Shein's IPO is the asset management division of UBS Group, a first-time investor for the company. The IPO valuation has been adjusted downward to between $26 billion and $27 billion, significantly lower than Shein's previous valuation of $100 billion following a private fundraising round in 2022. Shein had previously sought a higher IPO valuation of $30 billion to $40 billion during early investor meetings.

While the company did not respond to requests for comment, the shift in valuation and the IPO date underscores the evolving market landscape for the rapidly growing e-commerce giant.