It has long been reported that smartphone and smart device maker Xiaomi has been thinking about going public. The Chinese company which is best known for its mobile devices actually makes a wide variety of devices ranging from notebooks to activity trackers and even smart rice cookers. That being said, the company has now reportedly filed for its Initial Public Offering (IPO) in Hong Kong which is likely to be the biggest IPO in the world since 2014.
According to Bloomberg, it has been reported that the company is looking to raise at least $10 billion through its IPO which could value it as high as $100 billion. At this level, it’s going to be the world’s biggest IPO since Alibaba went public in New York back in 2014. Without mincing words, one can say Xiaomi has come a long way in a surprisingly short amount of time; the company started out in 2010 selling smartphones but has quickly made a name for itself by churning out devices rapidly. The company kept its profit margins low and earned market share by offering devices with respectable specifications at very aggressive price points.
Over the years, the company has since expanded its product portfolio to include devices such as smart TVs, smart speakers and appliances, intelligent lighting products and lots more. Although the biggest portion of the company’s revenues still comes from China, however, the company has taken major steps over the past few years to establish itself in neighboring markets such as India. The company is yet to properly enter the U.S. and African market, it is however expected that it will only be a matter of time before it encroaches into other global markets.