July 13 (Reuters) – 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.
(Reporting by Rajasik Mukherjee in Bengaluru; Editing by Joyjeet Das)
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