BUDGET SMARTPHONE MAKER
Xiaomi dials in listing for 2018 and $100bn is not a ‘crazy number’
Hong Kong — Chinese smartphone maker Xiaomi has asked banks to pitch next Friday for an initial public offering (IPO) in 2018, people familiar with the plan told Reuters. Xiaomi was valued at $46bn in a 2014 funding round completed before its sales stagnated. More recently it has seen expectations of its value pick up following strong results in 2017. Its float could be the world’s "largest technology IPO" in 2018, according to one of the people. "It is huge," said another source, who added that even a valuation of $100bn would "not be a crazy number". The world’s most valuable start-up for a brief period in 2014 was worth about $55bn at the end of June, according to one person close to the company. But two other people familiar with the company’s discussions said it should be worth much more if a valuation were based on its expected earnings. Xiaomi did not comment. The maker of budget smartphones experienced sales stalling in 2016 as it tried to expand internationally while battli...
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