Xiaomi is picking banks for an IPO worth up to $100 billion
- Chinese phone maker Xiaomi has begun picking banks to underwrite its public offering, which might value the firm at up to $100 billion, according to Bloomberg.
- The firm may go public in the second half of this year.
- Xiaomi was once the biggest smartphone maker in China, earning it plaudits as "the Apple of China."
- The firm has sunk to fourth place in China behind Huawei, Oppo, and Vivo, but has made strong progress in India where it's one of the top three manufacturers.
According to Bloomberg, Morgan Stanley, Goldman Sachs, Credit Suisse, and Deutsche Bank are all working on the flotation, though Xiaomi may still pick additional Chinese underwriters. An IPO could come in the second half of 2018.
Xiaomi, one of the biggest smartphone brands in China, is picking banks ahead of an IPO at a possible valuation of $100 billion (£72.3 billion).
In a note to employees at the beginning of 2017, Xiaomi founder Lei Jun admitted that the firm had grown too quickly, dogged by supply chain issues and competition from cheap local rivals. The firm holds around 14% of its home market, making it still bigger than Apple, but far behind Huawei on 19%.In his note, Lei Jun said the firm was aiming for 100 billion Chinese Yuan ($15.5 billion, £11.3 billion) in revenue for 2017 - which the company hit within 10 months. Despite its slowing performance in China, Xiaomi has pushed ahead in India, where it is one of the top three smartphone makers.
According to Bloomberg, Xiaomi is thinking of entering the US market - though it may be put off by what's happened to its peer Huawei. Huawei's big push into the US last week was scuppered by US carriers pulling back on distribution deals on security fears.
- India now allows you to avail a discount on flight ticket if you are not carrying a check-in baggage
- Leader of Opposition, 4 other Cong MLAs suspended for rest of Budget session over alleged manhandling of Himachal Pradesh Governor. PTI DJI SMN ASH ASH
- Levi’s ad with global ambassador Deepika Padukone aims at inspiring a culture of sisterhood and celebrate individuality
- Property tax in Telangana can now be paid via WhatsApp
- Meesho's latest ad encourages women entrepreneurs to explore social commerce