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Xiaomi Said to Seek June 7 Listing Hearing for $10 Billion IPO

Inside Xiaomi Corp.'s First French Smartphone StoreInside Xiaomi Corp.'s First French Smartphone Store
An employee, left, assists a customer at a service counter inside a Xiaomi Corp. store in Paris, France, on Friday, May 25, 2018. Chinese smartphone maker Xiaomi opened it's first store in Paris and plans for more shops in France, Spain and Italy, testing the appetite of consumers in developed markets as its executives consider a U.S. expansion.Christophe Morin—Bloomberg via Getty Images

Xiaomi Corp. aims to seek formal Hong Kong stock exchange approval on June 7 for an initial public offering that could raise about $10 billion, people with knowledge of the matter said.

The Beijing-based smartphone maker hopes to price the share sale late next month if its application is approved by the bourse’s listing committee, according to one of the people. The timing for the so-called listing hearing could slip, depending on the volume of questions from the exchange ahead of the meeting, another person said, asking not to be identified because the information is private.

Xiaomi, led by serial entrepreneur Lei Jun, is one of the most anticipated deals in what’s expected to be a banner year for Hong Kong IPOs. The listing, which could become the world’s biggest first-time share sale since 2014, is expected to mint dozens of new millionaires from the early employees who bought stock in Xiaomi.

The company has recently been discussing a potential IPO valuation of around $60 billion to $70 billion, people familiar with the matter have said. Xiaomi was the first to file for a Hong Kong IPO with a weighted-voting rights structure after the city’s bourse changed rules last month.

A representative for Xiaomi declined to comment.

Xiaomi opened its first store in Paris this week and is planning more shops in France, Spain and Italy, Senior Vice President Wang Xiang said in a Tuesday interview in the French capital. It does not currently sell phones in the U.S. but ships products such as portable chargers and electric micro-scooters through Inc. and Walmart Inc.