The smartphone group's listing plan comes on the heels of a slew of successful Chinese tech and fintech initial public offerings in recent months. The smartphone vendor would be the biggest technology company to go public since Alibaba Group raised $25 billion in a US IPO in 2014, which valued the company at $231.4 billion. He also added that in just one year Xiaomi India is ranked fourth in its offline presence, according to IDC.
The China-born company has a market share of 23.5 per cent and has shipped 9.2 million smartphones in the third quarter of financial year 2017.
The report, citing "people familiar with the matter", states that Xiaomi is in talks with a number of Hong Kong investment banks for a valuation of around $50 billion in 2018, which could bring it at least $5 billion. The China-based smartphone maker was once the most valuable startup in the world, but recently faces stiff competition from domestic rivals such as Huawei and Oppo. Bloomberg quoted Kaylene Hong, a Xiaomi spokeswoman, as saying that the company did not comment on IPO matters.
At the time it pulled back from several overseas markets including Brazil and Indonesia, but this year it has launched and relaunched sales in dozens of countries such as Indonesia, Vietnam, Russia, the United Arab Emirates and Ukraine. According to the data, Huawei, Xiaomi, Apple, vivo, and Oppo made up 91% of sales in China. In early November, Xiaomi launched in Spain - its first foray into Western Europe as it revives a stalled global push into other developed markets around Europe and the United States.