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Shein sets $27bn valuation for Hong Kong IPO
The fast-fashion retailer plans to list on September 1, with an offering of nearly 280 million shares priced between HK$47.60 and HK$49.50.
Shein has set a cut-price valuation of close to $27 billion for its initial public offering in Hong Kong, with the company scheduled to list on September 1, according to the Guardian Business.
The fast-fashion group is offering nearly 280 million shares in a price range of HK$47.60 to HK$49.50 each, which it says would raise about £1.3 billion at the top end and value the business at just under £20 billion.
Shein previously faced blocked plans to list in New York over forced labor concerns, and it later considered a London float before supply chain questions persisted. The company also moved its headquarters to Singapore between 2021 and 2022.
In its latest results, Shein swung to a $99 million loss in the first three months of the year, versus net income of $395 million a year earlier, and cited factors including higher scrutiny over its environmental footprint and disruptions and weaker demand tied to the US removed an import duty exemption on small packages. The company also pointed to delivery delays linked to the Iran war and lower demand tied to the broader economic fallout.