Shein prices Hong Kong IPO at midpoint of range, raises $1.74 billion

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)