Xiaomi Kicks Off IPO on Hong Kong Stock Exchange, Plans to Raise $6.1 Billion

Finally, after a lot of back and forth, Xiaomi has gone live on the Hong Kong stock exchange giving the kick-start to one of the largest Initial Public Offerings (IPO) of the world right now. The latest news has surfaced after the Chinese tech giant scraped its plan of listing on the Shanghai stock exchange. The company which has eyed the IPO for quite some time now plans to raise around $4.7 billion to $6.1 billion from its IPO at the Hong Kong stock exchange. What Xiaomi now expects to raise is somewhat lower than the price which the Lei Jun led company had expected to raise before. The company had pegged the figure to be around $10 billion when the news of IPO first surfaced. Although the price has come down from the previous figure, the current valuation is also not less by any measure. As per previous reports, the amount which Xiaomi will be raising from the Hong Kong stock exchange will be used to fuel its operations in countries of South Asia, Europe, and Latin America. Also, recently the Chinese manufacturer has stepped into the European market by making its way into Italy.

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Lei Jun, CEO of Xiaomi presented some stats in a press conference held in Hong Kong. The executive said that the company plans to sell around 2.2 billion shares to various investors around the world during its IPO. The individual shares are priced in the range of 17 to 22 HK Dollars ($2.20 to $2.80). The Hong Kong IPO opened at 9.00 AM today and is said to close at noon on June 28.