Key facts
- Shein's Hong Kong IPO order book has been fully covered by investor demand.
- The offering aims to raise up to $1.8 billion.
- The company is selling 280 million shares at a price range of HK$47.60 to HK$49.50.
- The final share price is expected on Monday.
- Shein is scheduled to begin trading on the Hong Kong stock exchange on September 1.
Online fast-fashion retailer Shein's Hong Kong initial public offering (IPO) has seen its order book fully covered by investor demand, according to two sources familiar with the matter. The company is looking to raise up to $1.8 billion through the sale of 280 million shares, priced between HK$47.60 and HK$49.50 each.
Shein launched its share sale on Monday, valuing the company at up to $27 billion. Investor orders have come from existing shareholders, as well as China-focused and multi-strategy funds. The final share price is expected to be announced on Monday, with trading scheduled to commence on the Hong Kong stock exchange on September 1.
The current IPO valuation represents a significant decrease, nearly 70% below the nearly $100 billion private market valuation Shein achieved in 2022, amid growing business and regulatory challenges.