Shein launches up to $1.77 billion Hong Kong IPO, valuing firm at $26.81 billion

Fast-fashion retailer Shein began book building for a Hong Kong IPO on Monday, aiming to raise up to HK$13.86 billion ($1.77 billion) at a valuation of up to $26.81 billion. The company is offering 280 million shares at HK$47.60 to HK$49.50 each, with pricing set for 31 August and trading starting 1

HONG KONG – Online fast-fashion retailer Shein launched book building for a Hong Kong initial public offering on Monday, aiming to raise up to HK$13.86 billion ($1.77 billion) and valuing the company at up to $26.81 billion, according to an offering prospectus.

Shein is selling 280 million shares at a minimum of HK$47.60 per share and a maximum of HK$49.50 per share, the filings showed. The company will price the IPO on 31 August and debut on 1 September.

The long-awaited float comes as slowing revenue growth and weaker core earnings weigh on Shein's business. Shrinking margins have also raised concerns that its breakneck expansion is running into headwinds from higher trade costs, tighter regulatory scrutiny and intensifying competition across global e-commerce.

Shein, known for selling $5 dresses and $10 jeans to shoppers in about 160 countries, swung to a $99 million quarterly loss after the United States removed an import duty exemption on small packages, and recorded a $328 million fair-value charge on convertible redeemable preferred shares following an accounting change.