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Xiaomi selects joint sponsors for its proposed IPO

January 15, 2018

China-based smartphone maker Xiaomi has picked Goldman Sachs and Morgan Stanley as joint sponsors for its proposed initial public offering (IPO). The IPO of the company is expected to come in around second half of 2018 and likely to be in Hong Kong.

Credit Suisse Group AG and Deutsche Bank AG have also been chosen to work on the IPO. Further, it has been learnt that the company is expected to add more banks to the transaction later adding that JP Morgan and around two Chinese banks are likely to be added as joint global coordinators.

The deal, which could value Xiaomi at as much as $100 billion, is highly anticipated by investors. Earlier, Xiaomi had informed bankers that it would top its annual revenue target by as much as 18 per cent. As per the bankers’ projections, the company is estimated to post a net profit of at least $1 billion in 2017 based on its revenue estimate of $17-18 billion. Further, the profits of the company are estimated to reach about $2 billion in 2018.

 
 

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