January 16, a number of well-known foreign media quoted informed sources said that as early as the second half of 2018 millet IPO, millet has its upcoming listing selected Goldman Sachs and Morgan Stanley two investment banks as the main underwriter Business, Credit Suisse, Deutsche Bank and CITIC Securities were also selected to participate in the public offering, listing locations or choose Hong Kong.
Why Millet will choose this time to sprint IPO? Millet executives claimed that the valuation or up to 100 billion US dollars, the millet founder Lei Jun is put forward the idea of 200 billion US dollars (about 1.3 trillion yuan) valuation, the water in the end there How much is worth exploring.
Further IPO IPO details
For the listing of millet technology, although several times before Lei Jun rumor, but this does not seem to stop the industry's continued disclosure of its IPO trends.
January 16, a number of foreign media reports said that Xiaomi has chosen Morgan Stanley and Goldman Sachs as IPO underwriters, Credit Suisse, Deutsche Bank and CITIC Securities were also selected to participate in the public offering. Millet as early as 2018 Six months IPO, the valuation may be as high as 200 billion US dollars.
According to report, if the success of millet IPO or will become the 2014 IPO Alibaba listed in New York since the technology industry's largest IPO.
January 19, Millet official stakeholders to accept "China Times" reporter did not deny this news interview, but said there is no any information on the IPO can be disclosed.
However, another interview with "China Times" reporter insider said that at present Xiaomi has not yet determined the time and place of listing, just doing the preliminary preparations.
In fact, the news about millet upcoming IPO was not the first time. "China Times" reporter access to information found that the latest one was last December 6. According to Reuters reports, sources, millet has invited investment banks One week after submitting the bid for the IPO, Lei Jun responded to the report on the same day saying, 'I have no other say.'
Insiders told reporters that after the downturn in 2015 and 2016, millet re-emergence in 2017 is an important reason for IPO rumors again.
According to Lei Jun previously announced the news, millet in early 2017 set 70 million units shipped and 100 billion yuan revenue target has been achieved.
'And the listing of the millet once again by the media coverage of many details, coupled with the recognition of millet executives, it seems to have already taken a solid millet 2018 upcoming news.' Some industry analysts told reporters that this A Lei Jun to fulfill the previous listing commitments.
Now that millet has achieved a perfect sales strong reversal, some foreign media reports said that the current valuation of millet has reached 200 billion U.S. dollars, which is the same as that previously reported by the media.
Another source said that Lei Jun in November last year with the investment bank put forward the target of 200 billion US dollars valuation.Currently Lei Jun is the largest shareholder of millet technology, equity ratio of 77.8022% if the above 200 billion US dollars for the pre-assessment Value, then the proportion of 77.8% stake in the Lei Jun net worth more than 155.6 billion US dollars to become China's richest man.
Rely on what support?
If millet 200 billion valuation of the market, which undoubtedly become the world's highest valuation of the start-up companies, is by far the world's largest IPO of technology companies.However, this is only for the establishment of eight years of Chinese local companies Xiaomi rely on what Support such a high valuation?
According to statistics, Xiaomi's companies include at least seven companies, in addition to the disclosed millet technology, including Xiaomi Telecom, Xiaomi Electronic Software, Xiaomi Payment, Xiaomi Mobile Software, Xiaomi Software Technology and Xiaomi Digital Technology. In addition, Xiaomi Xiaomi HK Limited in Hong Kong and other companies.
According to report, according to the reporter, millet has more than large-scale investment, such as Thunder, love Fantastic Art, Jinshan cloud, a total of billions of dollars.
In addition, millet has conducted several rounds of financing.According to statistics, in December 2014, millet completed the fifth round of financing 1.1 billion US dollars, at that time, millet valued at 450 billion US dollars.With the millet listing of the news, its assessment Value program also came out in the industry more than one version.
A person close to the top of the millet said that Lei Jun had indeed approached the investment bank in November last year and simultaneously approved the goal of valuing 200 billion U.S. dollars to each other and was endorsed by the investment bank.
However, some investment bank reporters interviewed bluntly that if millet technology is really 200 billion US dollars, then the valuation of milky bubble is too large, although millet by the end of 2017 with the rapid rebound in sales of mobile phones to achieve a sales counter-attack, This is a little exaggeration for the actual size and development of millet.
The investment bank explained to reporters that despite the millet's business restructuring has achieved remarkable results in 2017 sales revenue target will be 18% higher than the pre-set target, but after the market adjustment agencies estimated the average profit per millet phone For 2 dollars, on this basis, the current valuation of 50 billion US dollars is still relatively fair.
According to statistics, one of the millet ecological chain enterprises in the United States recently filed with the SEC to IPO prospectus shows that revenue of 1.556 billion yuan in 2016, the annual net profit of 23.94 million yuan, the net profit margin of only 1.5%; The first three quarters of 2017 revenue of 1.296 billion yuan, an increase of 37.1%; net profit of 95.37 million yuan, net profit margin of 7.4%, a greater increase; the market estimated final market value of about 1 billion US dollars.
In this regard, another investment bank said to reporters, and according to industry data show that in 2017 millet revenue of more than one hundred billion yuan, smart phone shipments reached 90 million, an increase of 50% .According to market forecast agency estimates Millet average profit per cell for the calculation of 2 dollars, last year's mobile phone business millet net profit reached 1.8 billion.
Plus millet ecological chain business revenue, estimated roughly estimated millet revenue is about 58 times Wami technology, net profit of about 20 times in accordance with this data to revenue multiples, millet IPO valuation should be about 80 billion US dollars .
However, there are also people in the industry to reporters from a user point of departure algorithm, according to the previous Lei Jun announced the shipments will exceed 90 million calculations, millet global MIUI users reached 300000000. According to the number of subscribers to more than 140 million to count, The value of a single user has also doubled to 760 US dollars (about 4938.1 yuan), even so, millet valuation of only 106.4 billion US dollars.
However, for the millet IPO, Lei Jun proposed valuation of 200 billion US dollars in the end is how to figure out, the outside world does not seem to know, but how the deduction of millet valuation, the reporter will continue to pay attention.