Shein files Hong Kong IPO at $27B valuation

Fast-fashion giant Shein launched its long-awaited Hong Kong IPO on Monday, aiming to raise up to $1.77 billion as it struggles with slowing growth, US tariffs, EU regulatory pressures, and market headwinds.

The company is offering 280 million shares at between $6.07 and $6.32 each, valuing Shein at as much as $27 billion. That represents a roughly 70% decline from its $100 billion private-market valuation in 2022.

The listing follows scrapped IPO attempts in London and New York. Final pricing will be announced on August 31, ahead of trading on September 1.

The lower valuation reflects Shein’s slower growth this year. It witnessed a 14.3% revenue drop in the US in the first quarter following the removal of the de minimis tax exemption.

The company plans to use 80% of net proceeds for technology, branding, and global growth, while allocating up to $3.5 billion to buy out early investors.

Shein has also set aside $80 million for ongoing regulatory cases and faces a national security review from the Committee on Foreign Investment in the United States (CFIUS) over its $80 million purchase of Everlane.