Shein wants to raise up to $3 billion as soon as August
$5 dresses and $10 jeans in some 150 countries. After failed attempts to list in New York and London, Hong Kong is what is left.
Shein is seeking to raise about $2 billion to $3 billion in a Hong Kong initial public offering, potentially as early as August.
On Friday the company received the green light from China’s securities regulator, clearing a key hurdle in its long-running quest for a public market debut. The final amount will depend on the company’s valuation and investor demand, and the timing and size of the offering could still change.
Earlier the same day it emerged that Shein was scheduled to appear before the Hong Kong Stock Exchange’s listing committee for an IPO hearing on Thursday, where it would need to answer members’ questions. A source said the company could aim to list in September or October, targeting a valuation of $40 billion to $50 billion. It was valued at as much as $100 billion in 2022.
Once it obtains clearance from the exchange, Shein can conduct investor roadshows and launch bookbuilding.
The IPO would mark a significant milestone after previous attempts to list in the United States and London failed to materialise. Shein, which sells $5 dresses and $10 jeans in around 150 countries, was founded by Chinese-born entrepreneur Sky Xu in 2012, and waited a year for Beijing’s green light after confidentially filing its application last July.