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Xiaomi Aims For $6.1 Billion in Hong Kong IPO

The cornerstone investors are expected to buy about 15 percent of the shares being offered in the IPO.

Reuters

Updated:June 20, 2018, 2:49 PM IST
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Xiaomi Aims For $6.1 Billion in Hong Kong IPO
Representative Image. (Photo: REUTERS/Edgard Garrido/Files)
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Chinese smartphone maker Xiaomi is planning to raise up to $6.1 billion from a Hong Kong IPO launching this week, people with knowledge of the matter said, in what will be one of the biggest tech floats globally of recent years. Xiaomi, which also makes Internet-connected devices, plans to sell about 2.18 billion shares in its initial public offering (IPO) at a price range of HK$17 to HK$22 ($2.17 to $2.80) each, said the people, who declined to be identified as the information was not public.

The company plans to bring in eight cornerstone investors including U.S. chipmaker Qualcomm Inc, Chinese express delivery company SF Holding Co Ltd, domestic telecom service provider China Mobile Ltd and state-run conglomerate China Merchants Group Ltd, according to the people.

Also read: Xiaomi Mi A2 (Mi 6X) Listed on an E-Commerce Website With an August Sale Date

The cornerstone investors are expected to buy about 15 percent of the shares being offered in the IPO, the people said.

Beijing-based, Cayman-domiciled Xiaomi will open the book to intuitional investors on Thursday, they said.

Xiaomi declined to comment. Qualcomm, SF Holding, China Mobile and China Merchants Group did not immediately respond to a request for comment.

CLSA, Goldman Sachs and Morgan Stanley are joint sponsors for Xiaomi's Hong Kong IPO.

Watch: Xiaomi Redmi Y2 First Impressions Review: A Scaled Down Note 5 Pro


 
| Edited by: Sarthak Dogra
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