Xiaomi IPO raises $4.7 bn, 3 Co-founders become billionaires
Xiaomi has raised $4.7 billion from its Initial Public Offering (IPO), valuing the Chinese smartphone maker at about $54 billion. The stock sale has made three new billionaires from the eight Co-founders, of whom two are already billionaires. The valuation is roughly half the company's initial goal, which would have been the biggest IPO since Alibaba's $25-billion IPO in 2014.