HONG KONG, Aug 24 (Reuters) - Online fast-fashion retailer Shein will be valued at up to $27 billion as it aims to raise up to HK$13.86 billion ($1.77 billion) in its Hong Kong initial public offering launched on Monday, according to the firm's filings.
Shein is selling 280 million shares in a price range of HK$47.60 to HK$49.50 per share, the filings showed. The company will announce the final price on August 31 and start trading on September 1.
Shein will be valued at close to $27 billion at the
top of the price range, a major decline from earlier private fundraising rounds that valued Shein at $98.2 billion in 2022. The company was valued at $64 billion in 2023 and April 2024.
Cornerstone investors led by Boyu, Tiger Global and General Atlantic have subscribed for about $383 million worth of Shein shares, the prospectus showed. Tencent, Greenwoods, Taikang Life and UBS Asset Management will also take stock.
The long-awaited float comes as slowing revenue growth and weaker core earnings weigh on Shein's business, while shrinking margins have also raised concerns its 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 U.S. removed an import duty exemption on small packages, and a $328 million fair-value charge on convertible redeemable preferred shares following an accounting change.
Hong Kong IPOs have raised about $41 billion so far this year, a record for the period and more than double the $17 billion raised a year earlier, LSEG data showed.
Shein's IPO is the largest new share sale in Hong Kong in 2026, surpassing autonomous driving firm Momenta Global's $751 million offering in July. It is the third-largest IPO in Asia, behind CXMT and China Resources New Energy, which raised $9.8 billion and $3.6 billion respectively, in Chinese onshore IPOs.
($1 = 7.8400 Hong Kong dollars)
(Reporting by Kane Wu in Hong Kong and Sameer Manekar in Bengaluru; Writing by Scott Murdoch; Editing by Chris Reese)
