Shein delays IPO to September 1, sources say

Aug 20 (Reuters) - Shein ‌aims to ​launch ​its Hong Kong initial public offering on Monday, according to a source familiar ‌with the matter, and is targeting a listing ⁠on September 1, two other sources said, slightly later ‌than previously planned.

While September ‌1 is the target date, the listing could happen a few days later, one of ​the sources said. Reuters reported last week that Shein had been aiming to list on ⁠August 28.

The delay, first reported by the South China Morning Post, ​comes as slower growth and rising costs have dampened investor appetite for Shein. The online ​fast-fashion retailer was seen just ‌a few years ago as a disruptive challenger to established brands such ⁠as H&M and Zara, thanks to its rapid supply chain and ultra-low prices.

Shein is targeting a valuation of $26 ⁠billion to $27 billion, according to a fourth source with ​direct knowledge of the matter, down sharply from the $100 billion valuation it achieved in a private fundraising in 2022.

The ‌company had previously sought an IPO valuation of $30 billion to $40 billion when investor ‌meetings ahead of the IPO first kicked off.

Shein ⁠did not respond ‌to a request ​for comment.

(Reporting by Kane Wu and Helen Reid. Editing by Mrigank Dhaniwala and Mark ‌Potter)

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