New Delhi (Business Desk) China’s smartphone maker Shaoomi (Xiaomi) has been listed on the Hong Kong stock exchange on Monday. After listing, the company’s shares have dropped by about five percent. For information, let’s tell you that Shaoomi’s IPO (initial public issue) raised $ 4.7 billion at a valuation of about $ 54 billion
According to the South China Morning Post, Shaomi had to reduce his offer size to 17 Hong Kong dollars per share. Let us know that before this, the company’s goal was to raise $ 10 billion through an IPO
Shaomi was founded in the year 2010. At present, it is the world’s fourth-largest Smartphone manufacturer. The company is popular for high-performance Smartphones in low budget. This is the largest Smartphone vendor in India. It is planning its expansion into the European market, including countries such as Spain and Russia
According to Indian time, Shomei’s stock is trading at 16.82 Hong Kong dollar level at 12.45 hrs on the Hang sang Index. Its opening was at 16.6 Hong Kong dollars. During the Intra Day, it has the highest 17 Hong Kong dollars in the day and the lowest 16 Hong Kong dollars. The company’s market cap is 375.47 billion Hong Kong dollars.