Xiaomi seeks to raise up to $6.1b in HK IPO

- ASSOCIATED PRESS, SEOUL (South Korea)

Jun 24, 2018-

Xiaomi Corp plans to raise up to $6.1 billion in one of the biggest global stock market debuts in recent years as it tries to become a worldwide brand alongside Apple, Google and Amazon.

The initial public offering in Hong Kong would value the Beijing-based company at as much as $70.3 billion, according to details released Saturday.

Xiaomi will raise less than the $10 billion industry observers had expected, which would have valued the company at $100 billion. But it will still be among the biggest tech IPOs since Chinese e-commerce giant Alibaba raised $21.8 billion in 2014.

Xiaomi shares will start trading on Hong Kong’s stock exchange on July 9 under the ticker of 1810.HK, after the public offering of 2.2 billion shares to institutional investors next week at an offer price between 17 and 22 Hong Kong dollars ($2.2 to $2.8) per share. The 8-year-old company, which also makes robot vacuum cleaners, air purifiers and TVs, is a star among Chinese unicorns, a term referring to startups valued at more than $1 billion. It unseated Samsung Electronics in the Indian smartphone market and Apple in China. It is also one of the few Chinese companies that succeeded in global markets such as India while making fans in places like South Korea.

The IPO means Xiaomi, a self-described internet company, is stepping up its game in the international market.

Published: 24-06-2018 08:31

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