The Globe and Mail reports in its Tuesday, Sept. 1, edition that Shein on Monday priced its Hong Kong initial public offering below the top end of its marketed range, raising 13.6-billion Hong Kong dollars ($2.4-billion) from the share sale. A Reuters dispatch to The Globe reports that Shein offered 280 million shares for the listing at 48.56 Hong Kong dollars ($8.58) a share. Last week, it said it would offer shares between 47.60 Hong Kong dollars ($8.41) and 49.50 Hong Kong dollars ($8.75) apiece. The Hong Kong public offering portion was subscribed 5.63 times, while the international portion was subscribed 2.59 times. One observer said the oversubscription rate was "relatively mild" for Hong Kong. Shein's shares are slated to begin trading on the Hong Kong Stock Exchange on Tuesday. Existing investors in Shein who participated in the offer include billionaire Michael Bloomberg's family office Willett Advisors, French billionaire entrepreneur and investor Xavier Niel, and Microsoft, the filing showed on Monday. Shares of the fast-fashion retailer dropped more than 10 per cent in gray-market trading on Monday. Shein has said it would use most of the proceeds from the offering to improve its technology.