Aug 31 (Reuters) – Shein on Monday priced its initial public offering in Hong Kong at the midpoint of its marketed range, raising HK$13.60 billion ($1.74 billion) from the share sale.
The online fast-fashion retailer offered 280 million shares for the listing at HK$48.56 per share, below the maximum offer price of HK$49.50 apiece announced last week.
The Hong Kong public offering portion was subscribed 5.63 times, while the international offering was subscribed 2.59 times, Shein said in a stock exchange filing.
The long-awaited market debut comes after the online retailer, known for selling $5 dresses and $10 jeans to shoppers in about 160 countries, scrapped plans to list in New York and London.
Shein in an exchange filing last week said that most of the funds from the offering would be utilised to improve its technology and increase brand awareness and global presence.
The Singapore-based, Chinese-founded company’s shares are slated to debut on the Hong Kong stock exchange on Tuesday.
($1 = 7.8379 Hong Kong dollars)
(Reporting by Nikita Maria Jino and Roshan Thomas in Bengaluru; Editing by Sherry Jacob-Phillips and DIti Pujara)
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