AsianFin -- China’s Xiaomi Corp announced on Tuesday that it has raised $5.5 billion through an upsized share sale as it accelerates its electric vehicle (EV) manufacturing plans.
The company sold 800 million shares at HK$53.25 each, according to its filing with the Hong Kong Stock Exchange. Originally planning to sell 750 million shares, Xiaomi increased the offering size during the bookbuilding process to meet demand.
The final price was near the lower end of the HK$52.80 to HK$54.60 range marketed to investors when the deal launched on Monday. It represented a 6.6% discount to Xiaomi’s closing price of HK$57 that day.
Xiaomi, the world’s third-largest smartphone maker, expanded into EV manufacturing last year. The proceeds from the share sale will support business expansion, research, and technology development, the company said.
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