Shein’s Hong Kong initial public offering has attracted sufficient investor orders to cover the full allocation at the top end of its HK$47.60 to HK$49.50 price range, sources familiar with the matter said.
The fast-fashion group is seeking to raise up to $1.8 billion in the float, which values the company at up to $27 billion. The valuation marks a decline of more than 70% from its near-$100 billion private-market peak in 2022. The offering comprises 280 million shares priced between HK$47.60 and HK$49.50 apiece.
Cornerstone investors have committed roughly $383 million in demand, locking in a portion of the deal before the final price is set on Monday. The company, known for items such as $5 dresses and $10 jeans, operates across approximately 160 countries.
The IPO follows failed attempts to list in New York and London over the past four years. Trading is scheduled to begin on the Hong Kong stock exchange on September 1. Existing shareholders, China-focused funds, and multi-strategy funds have placed orders for the offering.
Regulatory scrutiny has intensified ahead of the listing. The European Commission and the U.S. Federal Trade Commission are investigating Shein, while the company has faced fines in France for alleged fake discounts and in Italy for greenwashing. Greenwashing is defined as the practice of overstating the environmental benefits of an organization.
A Shein spokesperson reiterated the company’s commitment to high standards of corporate governance, transparency, and accountability, though declined to comment further on the order book status.
