Xiaomi aims to raise up to $6.1 bn in Hong Kong IPO
Saturday - June 23, 2018 6:48 pm ,
Category : BUSINESS
Xiaomi aims to raise up to $6.1 bn in Hong Kong IPO
Beijing June 23 (IANS) Eyeing one of the biggest global stock market debuts in recent years Chinese smartphone maker Xiaomi on Saturday announced details of its initial public offering (IPO) of possibly up to $6.1 billion in Hong Kong and its proposed listing on the Main Board of the Stock Exchange of Hong Kong Limited.
Even as this is less than $10 billion which the handset maker was reportedly hoping to achieve a few weeks ago this would still make it the world s biggest IPO.
Xiaomi is expecting the current offer price to be between HK$17-HK$22 per Offer Share and hence it could raise anywhere between $4.72 billion-$ 6.1 billion.
"Today we present ourselves to you as we prepare to enter a new stage in our journey. Within seven years of our founding our annual revenue exceeded RMB100 billion achieving a growth rate that many traditional companies are unable to match.
"With our unique ecosystem model we have mobilised many like-minded entrepreneurs and we are not only changing industries in China but also elsewhere in the world " Lei Jun Executive Director Founder Chairman and Chief Executive Officer of Xiaomi said in a statement.
Notably the smartphone player has secured Goldman Sachs Morgan Stanley and CLSA as joint sponsors joint global coordinators joint bookrunners and joint lead managers of the Global Offering.
A total of 2 179 585 000 shares (subject to the over-allotment option) are being offered under the Global Offering comprising an international offering of 2 070 605 000 Offer Shares (subject to reallocation and the over-allotment option) and a Hong Kong Public Offering of 108 980 000 Offer Shares.
"Fundamentally the Internet is all about transparency efficiency and equality. We want to allow everyone to
enjoy the benefits of technology. That is the goal that all Xiaomi employees and I are working tirelessly for " Lei added.
According to a previous report that mentioned the regulatory filing with the Hong Kong stock exchange Xiaomi also reported a revenue of $18 billion and a gross profit of $2.3 billion in 2017.
The company is currently at the fourth position in the smartphone market globally behind Samsung Apple and Huawei.
In the first quarter of 2018 Xiaomi with over 51 per cent growth was at fifth spot in China Counterpoint Research reported. Xiaomi was the fastest growing brand in China during the quarter.
--IANS ksc/vm
Even as this is less than $10 billion which the handset maker was reportedly hoping to achieve a few weeks ago this would still make it the world s biggest IPO.
Xiaomi is expecting the current offer price to be between HK$17-HK$22 per Offer Share and hence it could raise anywhere between $4.72 billion-$ 6.1 billion.
"Today we present ourselves to you as we prepare to enter a new stage in our journey. Within seven years of our founding our annual revenue exceeded RMB100 billion achieving a growth rate that many traditional companies are unable to match.
"With our unique ecosystem model we have mobilised many like-minded entrepreneurs and we are not only changing industries in China but also elsewhere in the world " Lei Jun Executive Director Founder Chairman and Chief Executive Officer of Xiaomi said in a statement.
Notably the smartphone player has secured Goldman Sachs Morgan Stanley and CLSA as joint sponsors joint global coordinators joint bookrunners and joint lead managers of the Global Offering.
A total of 2 179 585 000 shares (subject to the over-allotment option) are being offered under the Global Offering comprising an international offering of 2 070 605 000 Offer Shares (subject to reallocation and the over-allotment option) and a Hong Kong Public Offering of 108 980 000 Offer Shares.
"Fundamentally the Internet is all about transparency efficiency and equality. We want to allow everyone to
enjoy the benefits of technology. That is the goal that all Xiaomi employees and I are working tirelessly for " Lei added.
According to a previous report that mentioned the regulatory filing with the Hong Kong stock exchange Xiaomi also reported a revenue of $18 billion and a gross profit of $2.3 billion in 2017.
The company is currently at the fourth position in the smartphone market globally behind Samsung Apple and Huawei.
In the first quarter of 2018 Xiaomi with over 51 per cent growth was at fifth spot in China Counterpoint Research reported. Xiaomi was the fastest growing brand in China during the quarter.
--IANS ksc/vm
