Xiaomi looks for IPO next year

07 December, 2017, 19:06 | Author: Sammy Rose

Xiaomi, the Beijing, China-based smartphone brand that's among the world's most popular, has grand ambitions. The company now has three manufacturing plants in India - two for phones in Sri City, Andhra Pradesh and one for power banks in Noida in the National Capital Region, the company's Vice-President Manu Jain told reporters after the launch of Redmi 5A here on Monday.

"It is huge", said another source, adding that a valuation of $100 billion would "not be a insane number". The company is apparently looking out to raise at least $5 billion coming from a valuation of $50 billion. According to the Bloomberg report, some executives have even been talking about raising $100 billion, a vast amount when you consider that the company was valued at $46 billion, the last time it raised funds. But in the first quarter of past year, fierce competition from Oppo, Vivo, and Apple saw it fall to fifth place in Chinese phone shipments, according to analytics firm IDC. Providers like Huawei, Xiaomi, and others have found great success in markets like China, but the market in the United States is tougher due to high dominance from companies like Apple and Samsung. That's thanks to a major focus on brick-and-mortar stores - the smartphone maker plans to build 1,000 Mi Home stores by 2019, and is targeting $10 billion in retail sales by 2021. Jin has also stated that Xiaomi Mi 7 would be one of the first devices to use Qualcomm's upcoming Snapdragon 845 processor. And it's always possible that the company will pull the plug if it doesn't get the valuation it's seeking.

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Lei Jun, CEO of the fast-growing Chinese handset maker, on Tuesday said he's "carefully evaluating the best timeline to come to the US" with its smartphones.

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