Xiaomi selects Morgan Stanley & Goldman Sachs Group for planned IPO

Xiaomi Corp. has chosen Morgan Stanley and Goldman Sachs Group Inc for its planned initial public offering, Bloomberg reported.Credit Suisse Group AG and Deutsche Bank AG have also been chosen to work on the IPO, one that Xiaomi would seek as much as US$100 billion, according to the report. On the other hand, the company is still considering its Chinese underwriters, as well as the timing and location of the share sale.Last month, according to the state-owned media Global Times, the Chinese technology giant has denied media reports that it plans to launch an IPO in 2018.At that time, there were concerns about whether the company can reach the US$50 billion level. The Beijing-based raised US$46 billion during its last funding round in 2014, but then lost its spot as the fifth largest smartphone manufacturers in the first quarter of 2016 by two other Chinese companies, Oppo and Vivo, according to a study by IDC.Yet the company seemed to have bounced back by revising its sales model and investing its smartphone heavily into India. The company also added several smartphone-controllable home devices to its spectrum, including smart rice cookers. According to its latest announcement, Xiaomi's total sales doubled to 20 billion yuan in 2017.