The move comes as Xiaomi gains momentum with its smartphone sales, having bounced backHuawei, Oppo and Vivo in China. Since then, the company has returned to form, with over 91.4 million smartphones sold in 2017, as reported in its filing., which saw it fall behind rivals
The IPO, which aims to raise $10 billion, could be valued at a high of $100 billion, reports Bloomberg. Xiaomi also reported a revenue of $18 billion and a gross profit of $2.3 billion in 2017. It's currently the No. 4 phone manufacturer in the world behind Samsung, Apple and Huawei.
, Xiaomi doubled its phone shipments in the first quarter of 2018 to 28.3 million, compared with 39.3 million for Huawei, 52.2 million for Apple and 78.2 million for Samsung.
Xiaomi declined to comment for this story, though a spokesperson confirmed the IPO filing.
The road to the Chinese company's success comes as it focuses its resources in India, which saw it beating fierce rival Samsung for the top spot earlier this year. While there's no word yet on a US expansion -- there are likely plans for a . And the company has been slowly but surely moving toward that, with its US online store, where it sells all manner of consumer electronics, from smart home cameras to .
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