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Shein to Pay Up to $3.53 Billion to Certain Pre-IPO Investors

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Shein Global Holdings will pay up to $3.53 billion in cash to certain holders of its late-stage preferred shares ahead of its Hong Kong IPO, according to the fast-fashion retailer's prospectus on Monday.

The amount comprises about $2.19 billion under conversion-price adjustment protections and about $1.33 billion in separate payments to holders of Series pre-D, Series D and Series D+ preferred shares. Shein will also issue 19.6 million additional shares to eligible holders at no cost.

The $1.33 billion payment includes about $1.1 billion payable in three instalments by March 31, June 30 and Sept. 30, plus an estimated $230.4 million accruing until the IPO closes. The payments will be funded from Shein's own financial resources.

Shein's proposed IPO comprises 280 million shares priced at HK$47.60 to HK$49.50 each, valuing the company at up to about $27 billion.

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