Shein wants to raise up to $3 billion as soon as August
$5 dresses and $10 jeans in 150 countries. After failed attempts to list in New York and London, Hong Kong is what is left.
Shein is looking to raise about $2–3 billion in an initial public offering in Hong Kong, possibly as soon as August.
On Friday the company was given the green light by China’s securities regulator, clearing a key hurdle in its long effort to go public. The final figure will depend on the company’s valuation and investor demand; the timing and size of the offering could still change.
The same day it emerged that Shein is due before the Hong Kong exchange’s listing committee at a hearing on Thursday, to answer questions from its members. The company could target a listing in September or October at a valuation of $40–50 billion, according to a person familiar with the matter. In 2022 it was valued at $100 billion.
Once it has the exchange’s approval, Shein will be able to hold investor roadshows and open its order book.
It is a significant milestone for the company: previous attempts to list in the US and London never materialised. Shein, which sells $5 dresses and $10 jeans in roughly 150 countries, was founded by the Chinese-born entrepreneur Sky Xu in 2012. It waited a year for Beijing’s approval of the Hong Kong IPO, having filed confidentially in July last year.