Shein launches Hong Kong IPO to raise up to $1.8b

Shein, an online fast-fashion retailer, has launched its Hong Kong IPO, aiming to raise up to $1.8 billion. The company is selling 280 million shares at a price range of HK$47.60 to HK$49.50 per share, valuing it at around $27 billion at the top of that range, according to the New Straits Times. This valuation represents a significant drop from its private market peak of nearly $100 billion four years ago.

Shein's valuation has declined sharply in recent years, from $98.2 billion in 2022 to $64 billion in 2023 and April 2024. The company had initially sought an IPO valuation of $30 billion to $40 billion. Cornerstone investors, including Boyu, Tiger Global, and General Atlantic, have subscribed for around $383 million worth of Shein shares. The final price for the IPO will be set on August 31, with trading set to begin on September 1, as reported by Tech in Asia.

Shein is known for selling affordable clothing, including $5 dresses and $10 jeans, to customers in around 160 countries. The company's IPO is being sponsored by Goldman Sachs, Morgan Stanley, and JPMorgan, according to Techmeme.

Brief written by urgent.news from Tech in Asia, New Straits Times, Straits Times Business, SCMP Business, Techmeme — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.