Shein just went public at about 25% of its peak valuation

Fast fashion behemoth Shein went public on Tuesday.

Cheng Xin/Getty Images Shein went public on Tuesday at a fraction of its peak valuation.

The company offered 280 million shares at the price of 48.56 Hong Kong dollars, or $6.19.

Its valuation ahead of the IPO was $26.3 billion, down from its $100 billion private valuation in 2022.

After months of delays, fast fashion behemoth Shein went public on Tuesday at a fraction of its peak valuation.

On Monday, the Singapore-headquartered retailer priced its IPO at 48.56 Hong Kong dollars, or $6.19, per share, offering about 280 million shares.

It raised more than HK$13.2 billion in the IPO.

Its valuation at the IPO price was $26.3 billion, down from its $100 billion private valuation in 2022, according to a Wall Street Journal report in April 2022.

The Journal cited people familiar with the matter during a funding round that Shein conducted that year.

The stock got off to a bumpy start on its first day on Tuesday.

Five minutes after it started trading, it lost about 9% of its IPO price.

It has since recovered slightly, trading for about HK$46.60 around noon local time.

In its prospectus, released on August 24, Shein wrote that it plans to use about 40% of its IPO proceeds to enhance its technological capabilities and another 40% to strengthen its global brand awareness.

Shein has made major inroads into the West in recent years.