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Fast-fashion giant Shein could see its stock market valuation reach almost $27bn (£19.8bn) when it makes its debut in Hong Kong on 1 September. The long-awaited move comes after failed attempts to list in the US and London due to regulatory challenges amid scrutiny of the firm, which has its headquarters in Singapore but was founded in China.
Since it was founded in 2008, Shein has risen to become one of the world's biggest fast-fashion retailers, with customers in more than 150 countries. The e-commerce giant is known for selling ultra-cheap clothes, backed by a vast network of factories in China that are able to quickly manufacture new products based on the latest trends.
Shein said in a filing on Monday that it will offer nearly 280 million shares for between HK$47.60 ($6.07; £4.45) and HK$49.50 each. At the top of the range, the share sale would raise $1.77bn (£1.3bn) for the company and give it a market valuation of $26.8bn. However, that is much lower than the $100bn it was worth in 2022, reflecting weaker sales growth and higher costs. The initial public offering (IPO) is being backed by Wall Street investment giants Goldman Sachs, Morgan Stanley, and JP Morgan.