SHEIN has started bookbuilding for its Hong Kong IPO, offering about 280 million Class B shares at HK$47.60 to HK$49.50 each. The offering could raise up to HK$13.86 billion (US$1.77 billion), with trading scheduled to begin on Sept. 1.
At the top of the price range, the online fashion retailer would be valued at close to US$27 billion, well below its peak private-market valuation of US$98.2 billion in 2022. Cornerstone investors include Boyu Capital, Tiger Global, General Atlantic and Tencent. [Reuters]