Hong Kong — Xiaomi aims to seek formal Hong Kong stock exchange approval on June 7 for an initial public offering (IPO) that could raise about $10bn, people with knowledge of the matter say.
The Beijing-based smartphone maker hopes to price the share sale late in June if its application is approved by the bourse’s listing committee, according to one of the people. The timing for the listing hearing could slip, depending on the volume of questions from the exchange ahead of the meeting, another person said, asking not to be identified as the information is private.
Xiaomi, led by serial entrepreneur Lei Jun, is one of the most keenly awaited deals in what is expected to be a banner year for Hong Kong IPOs. The listing, which could be the world’s biggest first-time share sale since 2014, is set to mint dozens of new millionaires from the early employees who bought stock in Xiaomi.
The company has recently been discussing a potential IPO valuation of about $60bn-$70bn, people familiar with the matter have said.
Xiaomi was the first to file for a Hong Kong IPO with a weighted-voting rights structure after the city’s bourse changed rules in April. A Xiaomi representative declined to comment.
Xiaomi opened its first store in Paris last week and was planning more shops in France, Spain and Italy, senior vice-president Wang Xiang said in the French capital on Tuesday last week.
It does not currently sell phones in the US but ships products such as portable chargers and electric micro-scooters through Amazon.com and Walmart.
Bloomberg
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