FINANCIAL SERVICES | Staff Reporter, Hong Kong

Xiaomi raises $36.88b in IPO

The company reportedly priced the sale of 2.18 billion shares at $17 each.

Bloomberg reports that smartphone maker Xiaomi has raised $36.88b (US$4.7b) in its much-anticipated IPO after pricing the sale at the lower end of marketed range at $17 per share.

The company offered a total of 2.18 billion shares between $17 to $22 apiece but the lower pricing would value the smartphone maker at around US$54b or half of the company’s initial funding goal.

Also read: Xiaomi reportedly lowers valation after delaying Mainland offering

A price at the low end of Xiaomi’s IPO range translates into 22.7 times its forecasted earnings by 2019, assuming a so-called over-allotment option is fully exercised. The offering is also Hong Kong’s biggest first-time share sale in nearly two years, when Postal Savings Bank of China Co. priced a US$7.6b IPO, according to data compiled by Bloomberg.

Here’s more from Bloomberg:

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