Shein aims to raise 1.5 billion euros for its IPO in Hong Kong

The online ready-to-wear sales platform Shein plans to raise nearly 1.5 billion euros, valuing the company at 22.6 billion euros, it said on Monday, on the eve of its listing on the Hong Kong Stock Exchange. This is significantly lower than its valuation of almost €86 billion (nearly US$100 billion) in 2022, when it raises funds. According to stock market documents posted online Monday evening, the group offered 280 million shares at a price of 48.56 Hong Kong dollars (5.34 euros), the median of the range between 47.60 and 49.50 Hong Kong dollars announced a week ago.

Founded in China in 2012 and now based in Singapore, Shein indicated, when announcing its IPO, that it wanted to put on the market between 280 million shares at a price between 47.60 and 49.50 Hong Kong dollars. According to stock market documents posted online Monday evening, the group is offering its shares at a price of 48.56 Hong Kong dollars (5.34 euros), the median of the announced range. The company specified that it wanted to use the funds raised during its IPO mainly to finance its technological capabilities and strengthen its international presence.

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A platform regularly criticized

The company's previous plans to list in New York in 2023 and then in London in 2024 had been hampered, according to the press, by regulatory obstacles. The platform, however, obtained approval from the Chinese market regulator at the beginning of July for its application for an IPO in Hong Kong.