Xiaomi Prices Share At HK$17 Each To Rake in $4.7 Billion in Hong Kong IPO
Chinese telephone maker Xiaomi is finally gearing up to become public and has raised shut to $4.seven billion (HK$37 billion) in its much-awaited Hong Kong IPO. It has priced the shares at the lower-cease of the marketed offer range, according to Bloomberg, just that's lackluster when compared to the company's fundraising ambitions.
Xiaomi had opened its IPO for Hong Kong investors earlier this week, offering a whopping ii.18 billion shares in the HK$17 to HK$22 per share price range.
The company has, however, picked the $HK17 lower-finish of the toll range for the listing, which values Xiaomi at effectually $54 billion, which is roughly one-half than what it was initially gunning for with its IPO. It was speculated that Xiaomi may be raising coin at a $100 billion valuation but that didn't pan out.
Xiaomi'due south list will go down in history as the biggest and get-go major tech IPO listing on the Hong Kong Exchange since the city changed its rules to non allow company founders to have an unfair hold over the voting rights. This will be the largest tech IPO since Alibaba, who raised a whopping $25 billion in New York back in 2014.
Bloomberg has added that billionaire George Soros and Chinese investment house Hillhouse Capital have invested in this IPO. But, they're not the only ones. A report from the SCMP further makes this IPO a lot more than exciting as iii of Communist china's tycoons, namely Li Ka-shing of CK Hutchison Holdings, Alibaba's Jack Ma, and Tencent founder Pony Ma Huateng – take also invested in Xiaomi in their own capacity.
And and so, at that place are the seven cornerstone investors including Red china Mobile, Qualcomm, and other, who will accept to lock upwards the shares for 6 months before deciding to sell them off.
Xiaomi'south listing on the main lath of the Hong Kong stock exchange is scheduled for July nine, which would exist a test of the sensitive city's stock market. The Hang Seng index has already tumbled more than 6.5% this calendar month and 4.8% in total this year. And then, the question now is – how will Xiaomi's listing fare nether such market weather condition?
Source: https://beebom.com/xiaomi-rakes-in-4-7-billion-in-hong-kong-ipo/
Posted by: gandhipably1976.blogspot.com
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