Shein launches Hong Kong IPO seeking $1.77B, implying $27B valuation
Shein, the fast-fashion brand everyone knows, just kicked off its IPO in Hong Kong.
It is aiming to raise about $1.77 billion by selling 280 million shares, which could value the company at $27 billion.
That's a huge drop from its $98.2 billion peak in 2022, but it's still a major move for Shein.
Shein final price announced Aug 31
The final share price will be announced on August 31, and trading starts September 1. Shein wants to use most of the money raised, about 80%, to upgrade technology and expand globally.
Cornerstone investors led by existing shareholders Boyu, Tiger Global, and General Atlantic have subscribed for about $383 million worth of Shein shares; Tencent will also take stock.
Plus, this IPO is Hong Kong's largest this year and comes as Shein faces slower growth and rising costs.