Singapore-based fast-fashion giant Shein priced its long-awaited Hong Kong initial public offering below the top end of its target range, raising HK$13.60 billion ($1.74 billion) ahead of its Tuesday trading debut.
📌 Key Financial Numbers & Listing Metrics:
- $1.74 Billion Raised: Generated via the sale of 280 million shares at HK$48.56 per share (within the HK$47.60–HK$49.50 indicator range).
- Subscription Demand: The public offering portion in Hong Kong was subscribed 5.63 times, while the international placement was 2.59 times covered.
- -$99 Million Quarterly Loss: Swung to a loss in Q2 following the end of the U.S. de minimis tax exemption for small packages and a $328 million preferred share accounting charge.
- -10%+ Gray-Market Drop: Shares fell over 10% in gray-market trading ahead of official exchange listing.
💡 Marquee Backers & Regulatory Headwinds:
- High-Profile Investors: Backed by Michael Bloomberg’s Willett Advisors, Xavier Niel, Microsoft, SoftBank Vision Fund, Reliance, Boyu Capital, Tiger Global, and General Atlantic.
- Regulatory Challenges: Overcame earlier stalled listing attempts in New York and London while navigating ongoing scrutiny from the European Commission and U.S. FTC over ESG and trade policies.