Shein’s Hong Kong IPO pricing values company at $27B, a far cry from its $100B peak

Shein is finally going public, and the price tag tells a story of its own. The fast-fashion behemoth has priced its Hong Kong IPO at approximately HK$48.56 per share, valuing the company at around $26.5 billion. For a company once valued at roughly $100 billion during the peak of private-market exuberance in 2022, that’s a 73% haircut. The deal breakdown Shein is offering approximately 280 million shares, aiming to raise about $1.73 billion (around HK$13.6 billion) in the process. The pricing landed near the midpoint of the marketed range. Trading on the Hong Kong Stock Exchange is set to begin on September 1 under the ticker 0625.HK. Goldman Sachs, Morgan Stanley, and JPMorgan are backing the offering as lead underwriters. Cornerstone investors have committed approximately $383 million, providing a floor of institutional support ahead of the listing. At the top of the pricing range, the deal could have raised between $1.77 billion and $1.8 billion. Shein’s private-market valuation hit $100 billion in 2022, then drifted down to between $64 billion and $66 billion in funding rounds during late 2023 and 2024. Now, at $26.5 billion, the public market is valuing the company at about a ...