Fast-fashion giant Shein raised $1.7 billion in its long-awaited Hong Kong initial public offering, valuing the online retailer at around $26.3 billion, the company said Monday.

Shein completed its Hong Kong IPO at a $26.5B valuation, raising $1.7B. The price marks a 70% decline from its 2022 peak amid slowing growth and

Investors will find how much the company is initially valued at when it makes its debut on the Hong Kong stock exchange on Tuesday.