The Chinese-founded online retailer launched its Hong Kong share offering on Monday and expects trading to begin on 1 September. It is seeking to raise as much as $1.77 billion (€1.5 billion).
Shein said it would use the proceeds to strengthen its technology, brand and international operations. That includes hiring more local sales and marketing staff in major markets such as Europe, although the prospectus does not allocate a specific amount to its European expansion.
According to Shein’s filing, the company plans to offer nearly 280 million shares at a price between HK$47.60 and HK$49.50. The offer price is expected to be agreed by 28 August and formally announced on 31 August, before the planned market debut the following day.
The flotation follows several years of attempts to list in New York and London. Shein, which was founded in China but is now headquartered in Singapore, secured approval from Chinese regulators in July to pursue the Hong Kong listing.
In the meantime, the company’s valuation has dropped sharply.
