Clothes from fast-fashion brand Shein hang at their office in Sao Paulo, Brazil.
Packs of clothing are displayed at a garment factory for Shein in Panyu District, Guangzhou, Guangdong province, China.
HONG KONG, Aug 25 (Reuters) – Online fast-fashion retailer Shein’s Hong Kong IPO book to raise up to $1.8 billion has been fully covered by investor demand, two sources said, bringing it closer to its long-awaited market debut amid growing business and regulatory challenges.Shein launched its new share sale on Monday, valuing the company at up to $27 billion.Investor orders for the offering have come from a number of existing shareholders, China-focused and multi-strategy funds, said the sources with knowledge of the matter. They declined to be named as they were not authorised to speak to the media.A spokesperson for Shein did not immediately respond to a Reuters request for comment.The Singapore-based, China-founded company is selling 280 million shares at HK$47.60 to HK$49.50 a share in the IPO, according to the company’s filings, which would raise $1.8 billion at the top end.The final price of the shares is due to be unveiled on Monday and the stock is scheduled to begin trading on Hong Kong’s stock exchange on September 1, according to the company filings.Shein’s valuation in the IPO is nearly 70% below the nearly $100 billion private market valuation that it reached in 2022.Reporting by Scott Murdoch in Sydney and Kane Wu in Hong Kong;
Editing by Sumeet Chatterjee, Jacqueline Wong and Thomas Derpinghaus.
