Xiaomi isn’t that well known in the West but that hasn’t stopped the company from possibly clinching a $100 billion valuation later this year. It would mean that Xiaomi became a $100 billion company without properly setting foot in major markets like the United States. According to a new report, Xiaomi is looking to go public later this year at a valuation that may be as high as $100 billion.

Xiaomi hasn’t been around for decades and yet it has been able to make a name for itself in a short period of time. The company started out by offering handsets with robust specifications at aggressive price points.

It has stuck to that strategy and has quickly become popular in key emerging markets like India. It’s already in a dominant position in China and other markets in South Asia. Xiaomi now makes a wide variety of products so it’s no longer just another smartphone company.

Bloomberg reports that Xiaomi has picked Morgan Stanley and Goldman Sachs among the international banks for its IPO. It’s also said to have chosen Deutsche Bank and Credit Suisse for the IPO with a target valuation of $100 billion.

Xiaomi has reportedly not decided on the timing and location of the share sale as yet and is believed to be considering Chinese underwriters as well. Its initial public offering could be the biggest since Alibaba’s $25 billion IPO back in 2014. Xiaomi hasn’t commented on IPO reports as yet so there’s no confirmation as yet if and when the company is planning to go public.

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