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Xiaomi aims to raise up to $6.1 bn in Hong Kong IPO

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Beijing, June 23 (IANS) Eyeing one of the biggest global stock market debuts in recent years, Chinese smartphone maker Xiaomi on Saturday announced details of its initial public offering (IPO) of possibly up to $6.1 billion in Hong Kong and its proposed listing on the Main Board of the Stock Exchange of Hong Kong Limited.

Even as this is less than $10 billion, which the handset maker was reportedly hoping to achieve a few weeks ago, this would still make it the world’s biggest IPO.

Xiaomi is expecting the current offer price to be between HK$17-HK$22 per Offer Share and hence, it could raise anywhere between $4.72 billion-$ 6.1 billion.

“Today we present ourselves to you as we prepare to enter a new stage in our journey. Within seven years of our founding, our annual revenue exceeded RMB100 billion, achieving a growth rate that many traditional companies are unable to match.

“With our unique ecosystem model, we have mobilised many like-minded entrepreneurs, and we are not only changing industries in China, but also elsewhere in the world,” Lei Jun, Executive Director, Founder, Chairman and Chief Executive Officer of Xiaomi, said in a statement.

Notably, the smartphone player has secured Goldman Sachs, Morgan Stanley and CLSA as joint sponsors, joint global coordinators, joint bookrunners and joint lead managers of the Global Offering.

A total of 2,179,585,000 shares (subject to the over-allotment option) are being offered under the Global Offering, comprising an international offering of 2,070,605,000 Offer Shares (subject to reallocation and the over-allotment option) and a Hong Kong Public Offering of 108,980,000 Offer Shares.

“Fundamentally, the Internet is all about transparency, efficiency, and equality. We want to allow everyone to
enjoy the benefits of technology. That is the goal that all Xiaomi employees and I are working tirelessly for,” Lei added.

According to a previous report that mentioned the regulatory filing with the Hong Kong stock exchange, Xiaomi also reported a revenue of $18 billion and a gross profit of $2.3 billion in 2017.

The company is currently at the fourth position in the smartphone market globally, behind Samsung, Apple and Huawei.

In the first quarter of 2018, Xiaomi with over 51 per cent growth was at fifth spot in China, Counterpoint Research reported. Xiaomi was the fastest growing brand in China during the quarter.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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