In January there are reports which have suggested that the Chinese smartphone maker Xiaomi is expected to go public sometime this year. Now it's been official that the company will be looking to sell at least $10 billion in shares in Hong Kong at a valuation of $100 billion. Xiaomi will be the first company ever to go public in that country after the rules are changed.
The IPO could end up the largest in the world since 2014 when China's Alibaba raised $25 billion.
Xiaomi as a smartphone manufacturer stepped into the mobile market in August 2011. The company has seen some good results just after the launch of its phone, within some time it became the top handset maker across the globe. According to IDC, Xiaomi is the fourth largest smartphone, and it has seen global shipments for its smartphone 87.8 percent year-on-year during its first quarter.
The smartphone maker has shipped 28 million smartphone units from January through March compared to 14.8 million delivered in the same quarter last year. Which gives Xiaomi an 8.4 percent of the worldwide smartphone market at the end of the three month period.
After the expansion in India, the shipment during the first quarter was increased to Xiaomi. It was a grand slam for the company as the expansion doubled its market share. The company could also be making its long-awaited entry into the U.S. market. According to reports, the company is talking to U.S. carriers about selling its flagship phones in the states, maybe later this year, or in early 2019.
According to Bloomberg's report, "Xiaomi could be the biggest IPO since Alibaba's $25 billion debuts in 2014. Though it suffered through a challenging 2016, the company bounced back by revamping its sales model and expanding in India, where it rivals Samsung Electronics Co. as the biggest vendor."
Apart from smartphones, Xiaomi has also supported dozens of startups producing a wide spectrum of products, which includes wearables to rice cookers. The total sales collected from its ecosystem doubled to 20 billion yuan in 2017.