Sources: Singapore-based Shein is set to price its Hong Kong IPO at ~$6.20, or near the midpoint of its marketed range, raising $1.73B and valuing it at ~$26.5B (Reuters)

Shein, an online fast-fashion retailer based in Singapore, is set to price its Hong Kong initial public offering at around $6.20 per share, near the midpoint of its marketed range. According to sources, this would raise $1.73 billion and value the company at approximately $26.5 billion. The IPO is set to price at HK$48.56 a share, within the marketed range of HK$47.60 to HK$49.50.

The valuation is significantly lower than Shein's private market peak of nearly $100 billion in 2022 and its $66 billion valuation in a 2023 fundraising round, as per Straits Times Business. The company's Hong Kong IPO launched on August 24, and the overall IPO book had been fully covered, Reuters reported.

The subscription rates from institutional and retail investors for Shein's IPO will be published on August 31, a day before the stock begins trading on the Hong Kong Stock Exchange. Straits Times Business also reported that demand from retail investors for Shein stock had not been overly strong, according to Alvin Cheung, associate director at Hong Kong securities firm Prudential B.

Brief written by urgent.news from Techmeme, Straits Times Business, SCMP Business — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.