Shein Secures Full Subscription for $1.8 Billion Hong Kong IPO

The company launched its share sale on Monday, targeting a valuation of up to $27 billion. According to individuals familiar with the proceedings, interest has been driven primarily by existing shareholders alongside China-focused and multi-strategy investment funds. Shein is offering 280 million shares priced between HK$47.60 and HK$49.50, with the final pricing expected to be set early next week.

This push for a public listing marks a sharp correction for the Singapore-based, China-founded retailer. The current valuation represents a nearly 70% decline from the $100 billion figure the company commanded during its 2022 private funding rounds. If the current trajectory holds, the stock is slated to begin trading on the Hong Kong Stock Exchange on September 1.