Shein Hong Kong IPO to Raise $1.7 Billion at $26.5 Billion Valuation

Fast-fashion giant Shein is expected to price its Hong Kong initial public offering near the middle of its marketed range, potentially raising about $1.7 billion and giving the company a valuation of roughly $26.5 billion, according to two people familiar with the matter.

Shein is set to price its shares at HK$48.56 each, close to the midpoint of the proposed HK$47.60 to HK$49.50 range. At that price, the online fashion retailer would raise approximately HK$13.6 billion, equivalent to about $1.73 billion.

The anticipated valuation represents a sharp decline from Shein’s previous private-market highs. The company was valued at nearly $100 billion at its peak in 2022, meaning the Hong Kong IPO valuation would be only around one-quarter of that level. It would also fall substantially below the $66 billion valuation Shein secured during a private fundraising round in 2023.

The Singapore-headquartered company, which was founded in China, formally launched its Hong Kong IPO on Monday. The people providing the pricing details requested anonymity because the information has not yet been made public. Shein did not immediately respond to a request for comment.

The Hong Kong listing marks the latest chapter in Shein’s prolonged effort to become a publicly traded company. Over the past four years, the retailer has explored potential stock market listings in both New York and London but encountered regulatory and political hurdles.

Shein has grown into one of the world’s largest online fast-fashion retailers by offering low-cost clothing, including dresses priced around $5 and jeans for roughly $10. Its products are sold across approximately 160 countries, helping the company establish a major global e-commerce presence.

However, Shein continues to face regulatory scrutiny and mounting business challenges in the United States and Europe, two of its most important markets. The planned Hong Kong IPO could provide fresh capital while giving investors a clearer indication of how public markets value the fast-fashion company following the steep decline from its 2022 valuation peak.