Xiaomi seals jumbo IPO amid stormy markets

Unfazed by a massive retreat in global equities, Chinese smartphone maker prices the world’s largest IPO in nearly two years. Attention is now shifting to its debut next month.

Xiaomi, the world’s third largest unicorn, is set to become one of the highest-valued listed companies in Hong Kong after it raised HK$37 billion $4.7 billion from its highly-anticipated initial public offering on Friday.

The Chinese smartphone manufacturer is officially valued at $53 billion after it priced its 2.18 billion-share deal at HK$17, the lowest end of its HK$17 to HK$22 indicative price range.

At $53 billion, Xiaomi will be Hong Kong’s sixth-largest public company behind Tencent, China Mobile, AIA, Postal Savings Bank of China and CNOOC.

Beijing-based Xiaomi was able to collect sufficient demand for its mega...

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