Xiaomi seeks bank pitches for 2018 IPO

Alfred Osborne
December 7, 2017

Chinese smartphone maker Xiaomi Inc has asked banks to pitch next Friday for an initial public offering in 2018, people familiar with the plan told Reuters.

This figure would be based on last round of investment made by company in 2014, which valued Asian giant in 46 billion dollars. Recently, the company has seen expectations of its value pick up because of strong results this year.

The IPO has been slated for Hong Kong in the second half of next year, with the company ranking only fifth in Chinese phone shipments in the first quarter, according to research firm IDC.

"It is huge", said another source, adding that a valuation of $100 billion would "not be a insane number".

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Xiaomi was once crowned as the most valuable startup, in fact, the company was hailed as a tech unicorn once it breached the $1 Billion mark.

The maker of budget smartphones saw sales stall in 2016 as it attempted to expand internationally while battling intense competition from Chinese rivals Huawei Technologies Co Ltd, Vivo and Oppo. Xiaomi is focusing on markets such as Russian Federation and Indonesia and is also bolstering efforts in the U.S., where it previously sold only fitness bands.

With this expansive strategy, Xiaomi will re-launch sales in dozens of countries such as Indonesia, Vietnam, Russia, United Arab Emirates and Ukraine, and is about to overtake Samsung in China, fastest growing smartphone market in World, where it has already exceeded Apple. The company now has three manufacturing plants in India - two for phones in Sri City, Andhra Pradesh and one for power banks in Noida in the National Capital Region, the company's Vice-President Manu Jain told reporters after the launch of Redmi 5A here on Monday.

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