Shein Global Holdings Ltd. completed its initial public offering at a valuation that’s a fraction of what the company was once worth. For some investors, that still might prove to be rich given the company’s prospects.

The fast-fashion retailer raised $1.7 billion in Hong Kong, giving it a market value of $26 billion that’s a far cry from the $100 billion it once commanded. Questions about its upside in the face of slowing growth and tariff headwinds threaten to weigh on the stock as it prepares to debut on Tuesday.

Shein’s long-awaited IPO valued the company at over 15 times forward earnings, calculations based on Bloomberg Intelligence’s estimates show. That’s about double the 7.4 times ratio commanded by its competitor Temu’s parent PDD Holdings Inc. and above the 10.7 times multiple for Hong Kong’s benchmark Hang Seng Index. Shein’s growth has slowed markedly over the past year due to tariffs, while intensifying competition from Temu in key markets including the US and Europe also impacted business.

Shein’s full year sales are set to grow 3.4% to $44.3 billion next year, with net income of $1.7 billion, according to Bloomberg Intelligence. Founded in China and now based in Singapore, Shein has built a global fast-fashion giant by using a data-driven supply chain capable of rapidly producing and shipping low-cost apparel directly to consumers. At 15 times price over earnings, “the stock is already pricing in part of a growth comeback before it has delivered one,” said Gary Tan, a portfolio manager at Allspring Global Investments.