Fast-fashion giant Shein announced on Monday that it plans to launch its initial public offering (IPO) on the Hong Kong Stock Exchange on September 1, targeting a market valuation of around $26.8 billion.
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The company plans to offer 280 million shares at between HK$47.60 and HK$49.50 per share, potentially raising around HK$13.86 billion ($1.7 billion), according to a filing with the exchange.
At the top end of the price range, Shein’s market capitalization would reach approximately $26.8 billion.
The final offer price is expected to be announced on August 31, with trading scheduled to begin on September 1.
Founded in China and now headquartered in Singapore, Shein secured long-awaited approval from Beijing last month to proceed with its Hong Kong IPO.
Regulatory hurdles had previously stalled plans to list the company in New York, according to media reports.
Shein said it intends to use the proceeds from the IPO to strengthen its technological capabilities and expand its international presence.
The company has distinguished itself from competitors through its rapid product design, efficient production operations and supply chains, although most of its factories remain in China.
By offering a wide range of products at low prices across more than 150 countries, Shein has attracted hundreds of millions of customers and risen to the ranks of major e-commerce players such as Amazon in the United States.
The company has nevertheless faced scrutiny over its environmental footprint and allegations of human rights abuses. Its chief executive told Agence France-Presse last year that Shein maintains a “zero-tolerance” policy toward forced labor.
Source: (AFP)
