Research

Xiaomi seeks bank pitches for 2018 IPO

Xiaomi seeks bank pitches for 2018 IPO

The smartphone vendor would be the biggest technology company to go public since Alibaba Group raised $25 billion in a US IPO in 2014, which valued the company at $231.4 billion.

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".

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. Bloomberg quoted Kaylene Hong, a Xiaomi spokeswoman, as saying that the company did not comment on IPO matters. But in the first quarter of a year ago, fierce competition from Oppo, Vivo, and Apple saw it fall to fifth place in Chinese phone shipments, according to analytics firm IDC.

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A report, summarising the smartphone market around the globe, has concluded that Huawei, Xiaomi, Apple, Vivo, and Oppo made up 91 percent of smartphone sales in China.

The report, by Kantar Worldpanel, claimed that other smartphone brands like Meizu, LeEco and Coolpad are having less than one percent market share and are struggling to cope with the competition. The company targets Rs 14,000 crore revenue in 2017, he added.Seeking to allay fears over the security of the Xiaomi phones, Jain said: "We don't collect any user data".

Xiaomi was expected to choose either Hong Kong or the USA as its listing venue, according to the people, who declined to be named as the discussions were confidential.


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