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Last Updated : Jun 20, 2018 03:02 PM IST | Source: Reuters

China's Xiaomi plans to raise up to $6.1 bln in Hong Kong IPO: Sources

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.

Reuters

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 (002352.SZ), domestic telecom service provider China Mobile Ltd and state-run conglomerate China Merchants Group Ltd, according to the people.

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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.
First Published on Jun 20, 2018 02:50 pm
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