Xiaomi in line for $100bn club with listing plan
The Chinese smartphone giant's IPO could be the world’s biggest tech float in 2018
Hong Kong — Xiaomi has tapped CLSA, Goldman Sachs and Morgan Stanley as joint sponsors for its proposed initial public offering (IPO), people with direct knowledge of the matter said, in what could potentially value the Chinese smartphone maker at up to $100bn. The IPO could be the world’s biggest tech float in 2018 and is expected to come in the second half of the year, Thomson Reuters publication IFR reported on Monday. Xiaomi has separately tapped Credit Suisse and Deutsche Bank to work on its IPO, another source told Reuters. The source, however, added that the roles for global banks had not been decided and that no formal mandate had been given to any Chinese bank. A spokesman for Xiaomi declined to comment. The smartphone maker in December told bankers that it would beat its 2017 sales targets by up to 18% as it continued to benefit from a business overhaul that followed its overexpansion and fierce competition from domestic rivals including Oppo and Vivo. Bankers expect Xiaom...
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