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Xiaomi Starts Taking Orders for the World’s Biggest IPO for Two Years

  • Smartphone giant could be valued at up to 29.3x 2019 earnings
  • Qualcomm, China Mobile to buy stock as cornerstone investors
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Xiaomi has set tentative terms for the world’s biggest IPO in nearly two years. Bloomberg’s Stephen Engle reports.(Source: Bloomberg)
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Xiaomi Corp. started taking orders for the world’s biggest initial public offering in nearly two years, sharply curtailing its earlier valuation ambitions as it seeks to raise up to $6.1 billion in Hong Kong.

China Mobile Ltd., the nation’s biggest wireless carrier, and U.S. chip giant Qualcomm Inc. are among firms that agreed to buy Xiaomi stock as cornerstone investors. The smartphone giant expects to take orders from institutional investors through June 28 and aims to start trading in Hong Kong July 9, according to terms for the deal obtained by Bloomberg.