Xiaomi lines up banks for IPO: report

Beijing China (Pixabay)
Xiaomi's biggest competitors in China include Huawei and Oppo. (Image: Pixabay)

Xiaomi has teed up several banks for its planned initial public offering, including Morgan Stanley and Goldman Sachs, according to a Bloomberg report.

Credit Suisse Group and Deutsche Bank also have been selected to work on the IPO that could see the company target a valuation of as much as $100 billion, according to a source who asked not to be identified. The Beijing-based company is still considering Chinese underwriters and has yet to decide on the timing and location of the share sale, the source told Bloomberg.

Xiaomi could be the biggest IPO since Alibaba Group Holding’s $25 billion debut, according to Bloomberg. The smartphone maker enjoyed a meteoric rise in 2013 and saw a previous funding round that valued the company at $45 billion. Its market share dropped in 2016, but it managed to make a comeback after making a big push into India.

In fact, last year in the third quarter, Xiaomi made the biggest strides of any major vendor, more than doubling its annual shipments to take 7.4% of the worldwide smartphone market, according to IDC. The vendor remained in the No. .5 ranking worldwide, following Samsung, Apple, Huawei and Oppo.

RELATED: Xiaomi makes big gains as global smartphone shipments jump 2.7% in Q3

In September, Google and Xiaomi announced the release of the Mi A1, an Android-powered phone set to be released in India before hitting dozens of other emerging markets. The phone came with a price tag of $234—significantly higher than other Android devices—and features a 12-megapixel camera, a 5.5-inch full-HD display and Qualcomm’s Snapdragon 625 processor.