Xiaomi looks for IPO next year

Xiaomi looks for IPO next year

The company now has three manufacturing plants in India - two for phones in Sri City, Andhra Pradesh and one for power banks in Noida in the National Capital Region, the company's Vice-President Manu Jain told reporters after the launch of Redmi 5A here on Monday.

Online focused smartphone brand Xiaomi is planning increase its presence in the offline side as well - that started only this year.

However, industry sources suggest that Xiaomi is being highly optimistic about its valuation.

According to one of the people, its float could be the world's "largest technology IPO" next year. Although the original price is Rs 5,999 for 2GB RAM + 16 GB storage variant and Rs 6,999 for 3GB RAM + 32GB storage variant, Xiaomi is offering the first variant for Rs 4,999 for the first five million units. It went through a sticky patch, under pressure from Chinese rivals such as Huawei and Oppo, but has since revived, partly prompted by its ventures in India. That market is still dominated by Apple and Samsung, with the companies holding 30 percent and 25 percent of market share, respectively, according to Strategy Analytics. "We want to transplant China's business ideas into other countries", said Lei said at the World Internet Conference in Wuzhen, without commenting on an IPO.

"We started our offline channel only this year and in the March to July quarter we saw about 6x growth and offline now contributes 20 per cent to our total sales". "In India, we've created a miracle".

Officially, the company is keeping tight-lipped about its plans.

Along with saying little about USA plans, Jun also declined to comment about a possible IPO, say if his company is making foldable phones, or give details about a possible new laptop.

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