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Shein Global (HKG:0625) launched its Hong Kong initial public offering on Aug. 24, seeking to raise up to HK$13.9 billion.
The fashion e-commerce company is offering 280.0 million Class B shares at an indicative price range of HK$47.60 to HK$49.50 each, according to a Hong Kong bourse filing.
The offering comprises 28 million shares for Hong Kong investors and 252.0 million shares for international investors, subject to reallocation and the over-allotment option.
Shein plans to use the net proceeds mainly to enhance its technological capabilities and strengthen brand awareness and its global presence.
The company will also invest in corporate responsibility initiatives and use the remaining proceeds for general corporate purposes.
The offer price is expected to be determined by Aug. 28, with allocation results due by Aug. 31, ahead of the company's planned trading debut on Sept. 1.
The IPO has seven cornerstone investors, including Boyu, Tiger Global, General Atlantic and Tencent (HKG:0700), which have committed to subscribe for a combined $383 million worth of shares.
Goldman Sachs, Morgan Stanley and JP Morgan are acting as joint sponsors and lead underwriters.
Haitong International and UBS are also among the overall coordinators, while HSBC, Merrill Lynch, Santander and East West Bank are among the joint bookrunners and lead managers.