Shein Global Holdings is seeking to raise as much as HK$13.9 billion ($1.8 billion) in its Hong Kong initial public offering, according to Bloomberg, as it enters the final stretch of an arduous journey to go public. The fast-fashion retailer is offering 280 million shares at HK$47.6 to HK$49.5 each, a stock exchange filing Monday showed, giving it a market capitalization of about $25.7 billion to $26.8 billion, with a debut set for Sept. 1.

Such a valuation would make Shein one of the top fashion and apparel companies globally, behind Sweden's Hennes & Mauritz, worth about $31 billion. Still, it is a fraction of the nearly $100 billion Shein commanded in 2022 after explosive pandemic-era growth. Regulatory scrutiny had derailed earlier attempts to list in the US and then London, and stricter tariffs have slowed growth. Its prospectus shows Shein swung to a $99 million loss in the first quarter of 2026 from a $395 million profit a year earlier, with revenue also declining.

Cornerstone investors include Boyu Capital, Tiger Global, General Atlantic, Tencent Holdings and UBS AM Singapore, with Boyu committing the most at $150 million. Shein plans to use proceeds to enhance technology such as inventory management, invest in marketing and expand brand awareness. To lure backers, later-round investors are set to receive a mix of cash payouts and free additional shares to lower their cost base.

Regulatory hurdles and geopolitical risk remain a challenge. Shein voluntarily sought a US review from the Committee on Foreign Investment (Cfius) of its $80 million Everlane purchase over potential national-security concerns tied to Americans' personal data. The company moved its headquarters to Singapore in 2021 to position itself as a global retailer. Goldman Sachs, Morgan Stanley and JPMorgan Chase are joint sponsors of the IPO.