Shein to Price Hong Kong IPO at $26.5 Billion Valuation

Shein, the global fast-fashion retailer, is set to price its Hong Kong initial public offering at approximately HK$48.56 per share, according to people familiar with the matter. The pricing, near the midpoint of its marketed range, would raise about HK$13.6 billion (US$1.73 billion) and value the company at roughly US$26.5 billion. The final IPO price is expected to be announced on August 31, with trading on the Hong Kong Stock Exchange scheduled to begin on September 1.

The valuation represents a significant decline from the company's previous private-market peaks. It is approximately one-quarter of Shein's nearly US$100 billion valuation in 2022 and well below the US$66 billion valuation from a 2023 funding round. The offering has attracted strong initial demand, with the overall order book fully covered by August 26. Cornerstone investors have committed to purchasing about US$383 million in shares, with participation from existing shareholders including Boyu Capital, Tiger Global, and General Atlantic, as well as Tencent, Greenwoods, Taikang Life, and UBS Asset Management.

Shein plans to use about 80 percent of the IPO proceeds to enhance its technology infrastructure and...