Xiaomi, the mobile phone company owned by Chinese billionaire Lei Jun, plans to obtain formal approval from the Hong Kong stock exchange on the 7th of June for an IPO that could raise $10 billion.
According to Bloomberg, the Chinese mobile phone manufacturing company plans to definitively price the share sale in June if the listing committee of the Hong Kong stock exchange gives the approval for the company to kick off its IPO.
But the 7th of June date is not particularly set in stone. If the listing committee of the stock exchange has additional questions ahead of the listing, the timing for the listing hearing could be prolonged.
The Xiaomi IPO is one of the most anticipated deals by investors worldwide, and the company could have a potential IPO valuation of $60 billion, making it one of the largest share sales in recent history. Scores of Xiaomi’s early employees who bought shares in the company earlier on are very likely to become millionaires with the IPO. The company’s billionaire founder Lei Jun is expected to add several billions to his current net worth.
Xiaomi has been expanding internationally of recent. The company opened its first store in Paris last week and it is planning to open more shops in other European countries.
Lei Jun, founder of Xiaomi, is worth $4.3 billion according to the Bloomberg Billionaires Index.