Shein is set to price its Hong Kong initial public offering near the midpoint of its marketed range, raising about $1.7 billion and valuing the company at roughly $26.5 billion, two people familiar with the matter told Reuters.
The company is expected to price the deal at HK$48.56 a share, near the midpoint of its HK$47.60 to HK$49.50 range. The offering would raise about HK$13.6 billion, or $1.73 billion.
The sources spoke anonymously because the information is not public. Shein did not respond to Reuters’ request for comment.
The valuation is about one-quarter of Shein’s nearly $100 billion private-market peak in 2022 and below its $66 billion valuation in a 2023 funding round, according to Reuters.
Shein, headquartered in Singapore and founded in China, launched its Hong Kong IPO on Monday. The overall order book was fully covered by Tuesday, Reuters reported.
