is targeting a valuation of between $26 billion and $27 billion for its planned Hong Kong initial public offering, representing a sharp drop from its peak valuation of roughly $100 billion in 2022. The Singapore-headquartered retailer aims to raise about $2 billion through the Shein IPO, according to Bloomberg. Existing shareholders could purchase as much as half of the offering, potentially providing significant support for the deal. The company had recently pursued a valuation of approximately $30 billion but faced resistance from prospective investors. Founded in China before moving its headquarters to Singapore, Shein has faced a lengthy path toward becoming a publicly traded company.