Shein set to take orders for Hong Kong IPO next week, eyeing US$35b valuation: sources
Singapore-based company, which was founded in China, aims to raise as much as US$2.8 billion and began gauging investor demand last week
The Singapore-headquartered company, which was founded in China, aims to raise as much as US$2.8 billion and began gauging investor demand last week, said sources who asked not to be identified while discussing confidential information.
The timing and size of the deal could still change, but the company aimed to complete the process by the end of the month, a source said.
A source said that the valuation “won’t be less than US$30 billion, as the company works hard to achieve its target of US$35 billion”.
Either outcome would represent a steep drop from its peak expected valuation of US$100 billion in 2022 and a decline from earlier private targets of US$40 billion to US$50 billion.
Shein previously sought to go public in New York or London, according to earlier reports by the South China Morning Post and other media outlets. However, those ambitions were derailed by intense regulatory scrutiny in the US and Europe over the company’s supply chain practices and tax structures.