Shein has priced its Hong Kong initial public offering at HK$48.56 per share, valuing the Singapore-headquartered fast-fashion retailer at approximately $26.5 billion, according to sources cited on Thursday.
The IPO, which launched on Monday, is expected to raise about $1.7 billion, or HK$13.6 billion, based on the final pricing. The share price sits near the midpoint of the marketed range of HK$47.60 to HK$49.50, reflecting cautious investor appetite amid broader market volatility.
The current valuation represents a significant decline from Shein’s prior private market peaks. In 2022, the company reached a valuation of nearly $100 billion, while a 2023 fundraising round valued it at $66 billion. The drop underscores the challenges facing the company as it navigates regulatory scrutiny and competitive pressures in major markets, including the U.S. and Europe.
Shein, known for ultra-low-cost apparel such as $5 dresses and $10 jeans, operates across roughly 160 countries. The company has pursued listings in New York and London over the past four years before opting for Hong Kong, where it aims to tap into Asian investor demand. The IPO proceeds will support expansion efforts and operational scaling as Shein seeks to stabilize its market position amid shifting consumer and regulatory landscapes.
