Online fashion giant Shein is targeting a valuation of almost £20billion when it makes its stock market debut next week.
The e-commerce firm, which was founded in China but has its headquarters in Singapore, will launch on the stock market in Hong Kong on September 1.
Utilising a network of factories in China to manufacture clothing quickly and cheaply, Shein has soared in popularity since it was founded in 2008 to become one of the world's biggest fast-fashion retailers with customers in over 150 countries.
The BBC reports that Shein confirmed in a filing that it will offer almost 280 million shares for approximately £4.50 each.
At the top of that range, the sale would raise $1.77billion (£1.3billion), giving it a market valuation of $26.8billion (£19.64billion), which would still be well below the $100billion (£73.3billion) it was worth in 2022.
Shein's IPO is backed by Goldman Sachs, Morgan Stanley and JP Morgan.
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