Global Markets: Shein eyes up to $3 billion Hong Kong IPO as soon as August, Bloomberg News reports

Fast-fashion retailer Shein is seeking to raise about $2 ​billion to $3 billion ​in a Hong Kong initial public offering, potentially ​as early as August, Bloomberg News reported on Monday, citing people familiar with the matter.

Shein received the green light from China's ‌securities regulator on ⁠Friday ⁠for a Hong Kong IPO, clearing a key hurdle in its long-running quest for a public market debut.

The final amount would depend ​on the company's valuation and investor demand, and the timing and size of the offering could still change, ​Bloomberg reported.


Earlier in the day, Reuters ⁠reported that ‌Shein was scheduled to appear before the ​Hong Kong ​Stock Exchange's listing committee for an IPO ⁠hearing on Thursday, adding that the company would ​need to answer questions from the committee's members.

A ​source told Reuters on Friday Shein could possibly aim to list in September or October, targeting a valuation of $40 billion to $50 billion. The company was valued at as much as $100 billion in 2022.

Shein, which ‌sells $5 dresses and $10 jeans in around 150 countries, can conduct investor roadshows and launch bookbuilding for ​the IPO, ​once it obtains ⁠a clearance from the exchange.

The IPO would mark a significant milestone for Shein after previous attempts to list in the ​United States and London failed to materialise.

Founded by Chinese-born entrepreneur Sky Xu in 2012, Shein waited a year for Beijing's green light to its Hong Kong IPO after confidentially filing the application last July.