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Around 80% of new listings rose on their debut in 2026; can this strong performance be sustained?
牛牛新股君
joined discussion · Sep 1 08:49

IPO Pricing | SHEIN-W lists today, with 5.63x subscription; priced at HK$48.56 per share, one-lot allocation rate exceeds 18%

Futu News, September 1: $SHEIN-W (00625.HK)$ Announcement of allocation results: Priced at HK$48.56 per share, with a total issuance of 280 million shares. Each lot consists of 100 shares. Officially listed today.
During the public offering phase, SHEIN-W received 5.63x subscription. The final number of shares offered in the public tranche was 27.9993 million shares, accounting for approximately 10% of the total offer shares. A total of approximately 35,751 valid applications were received, with about 18,673 applications accepted. The approximate percentage of allocated shares for one-lot applicants relative to the total applied shares was 18.42%.
Additionally, during the international placement phase, SHEIN-W received 2.59x subscription. The final number of shares in the international tranche was 252 million shares, equivalent to 90% of the total offer shares. Futu has compiled the relevant data in the table below:
Futu News, September 1: $SHEIN-W (00625.HK)$ Announcement of allocation results: Priced at HK$48.56 per share, with a total issuance of 280 million shares. Each lot consists of 100 shares. Officially listed today. During the public offering phase, SHEIN-W received 5.63x subscription. The final number of shares offered in the public tranche was 27.9993 million shares, accounting for approximately 10% of the total offer shares. A total of approximately 35,751 valid applications were received, with about 18,673 applications accepted. The approximate percentage of allocated shares for one-lot applicants relative to the total applied shares was 18.42%. Additionally, during the international placement phase, SHEIN-W received 2.59x subscription. The final number of shares in the international tranche was 252 million shares, equivalent to 90% of the total offer shares. Futu has compiled the relevant data in the table below: Company Overview SHEIN is a global online fashion and lifestyle company that served approximately 273 million active customers across about 160 markets in 2025. By offering a rich variety of highly inclusive, frequently updated, and cost-effective products, the company meets diverse consumer needs and reshapes how consumers pursue fashion. The company pioneered its proprietary operating model, "Large-scale Automated Small-order Quick Reorder" (LATR), which is the ultimate solution to the industry's long-standing trilemma. This model enables the company to balance product diversity, speed of new design launches, and...
Futu News, September 1: $SHEIN-W (00625.HK)$ Announcement of allocation results: Priced at HK$48.56 per share, with a total issuance of 280 million shares. Each lot consists of 100 shares. Officially listed today. During the public offering phase, SHEIN-W received 5.63x subscription. The final number of shares offered in the public tranche was 27.9993 million shares, accounting for approximately 10% of the total offer shares. A total of approximately 35,751 valid applications were received, with about 18,673 applications accepted. The approximate percentage of allocated shares for one-lot applicants relative to the total applied shares was 18.42%. Additionally, during the international placement phase, SHEIN-W received 2.59x subscription. The final number of shares in the international tranche was 252 million shares, equivalent to 90% of the total offer shares. Futu has compiled the relevant data in the table below: Company Overview SHEIN is a global online fashion and lifestyle company that served approximately 273 million active customers across about 160 markets in 2025. By offering a rich variety of highly inclusive, frequently updated, and cost-effective products, the company meets diverse consumer needs and reshapes how consumers pursue fashion. The company pioneered its proprietary operating model, "Large-scale Automated Small-order Quick Reorder" (LATR), which is the ultimate solution to the industry's long-standing trilemma. This model enables the company to balance product diversity, speed of new design launches, and...
Company Overview
SHEIN is a global online fashion and lifestyle company that served approximately 273 million active customers across about 160 markets in 2025. By offering a rich variety of highly inclusive, frequently updated, and cost-effective products, the company meets diverse consumer needs and reshapes how consumers pursue fashion.
The company pioneered its proprietary operating model, "Large-scale Automated Test and Reorder" (LATR), which is the ultimate solution to the industry's long-standing trilemma. This model enables the company to achieve an optimal balance among product diversity, speed of new design launches, and inventory management efficiency. The company has a global network of partners. As it makes its supply chain more agile, robust, and resilient, the company empowers partners to develop and grow alongside it.
Financial Overview
In recent years, Shein's net revenue has grown significantly, reaching US$32.1 billion, US$38.7 billion, and US$41.8 billion in 2023, 2024, and 2025, respectively. For the same periods, the company's net profit amounted to US$2.789 billion, US$3.365 billion, and US$2.064 billion, respectively. Additionally, the company's operating profit was US$1.376 billion, US$966 million, and US$1.707 billion in 2023, 2024, and 2025, respectively.
Source: Prospectus
Source: Prospectus
Use of Proceeds
Regarding the use of proceeds, the net proceeds from SHEIN's global offering amount to approximately HK$13.214 billion (calculated at an offer price of HK$48.56, assuming the over-allotment option is not exercised). According to the prospectus, SHEIN intends to use the funds raised from the global offering for the following purposes:
Approximately 40% will be used to enhance the company's technological capabilities; approximately 40% will be used to increase brand awareness and strengthen its global footprint; approximately 10% will be used to reinforce the company's corporate responsibility initiatives; and approximately 10% will be used for general corporate purposes.
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Futu News, September 1: $SHEIN-W (00625.HK)$ Announcement of allocation results: Priced at HK$48.56 per share, with a total issuance of 280 million shares. Each lot consists of 100 shares. Officially listed today. During the public offering phase, SHEIN-W received 5.63x subscription. The final number of shares offered in the public tranche was 27.9993 million shares, accounting for approximately 10% of the total offer shares. A total of approximately 35,751 valid applications were received, with about 18,673 applications accepted. The approximate percentage of allocated shares for one-lot applicants relative to the total applied shares was 18.42%. Additionally, during the international placement phase, SHEIN-W received 2.59x subscription. The final number of shares in the international tranche was 252 million shares, equivalent to 90% of the total offer shares. Futu has compiled the relevant data in the table below: Company Overview SHEIN is a global online fashion and lifestyle company that served approximately 273 million active customers across about 160 markets in 2025. By offering a rich variety of highly inclusive, frequently updated, and cost-effective products, the company meets diverse consumer needs and reshapes how consumers pursue fashion. The company pioneered its proprietary operating model, "Large-scale Automated Small-order Quick Reorder" (LATR), which is the ultimate solution to the industry's long-standing trilemma. This model enables the company to balance product diversity, speed of new design launches, and...
Edited by/Joe
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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