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Xiaomi’s IPO Raises $4.7 Billion After Pricing on Low End

  • Smartphone giant had attracted orders from Soros, Hillhouse
  • Chinese firm prices biggest Hong Kong IPO in nearly two years
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Bloomberg’s Reed Stevenson explain why Xiaomi priced its Hong Kong IPO at the low end of a marketed range.(Source: Bloomberg)
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Xiaomi Corp. and some existing investors raised $4.7 billion after pricing a Hong Kong initial public offering at the low end of a marketed range, a person with knowledge of the matter said.

The Beijing-based smartphone maker priced the sale of 2.18 billion shares at HK$17 each, the person said, asking not to be identified because the details are private. Xiaomi had offered the shares at HK$17 to HK$22 apiece. The pricing values Xiaomi at about $54 billion, roughly half the company’s initial goal.