The hottest initial public offering (IPO) of 2015 could likely come from a company you haven't yet heard of…
Xiaomi Corp. is a Chinese tech company founded in 2010. By the end of this year, talk of a Xiaomi IPO will reach a fever pitch. The company has made incredible progress in its brief existence.
Xiaomi launched its first smartphone in 2011. By the third quarter of 2014, Xiaomi became the third-largest smartphone vendor in the world. It beat out such veterans as LG Electronics Inc. and Lenovo Group Ltd. (OTCMKTS ADR: LNVGY).
The company's astonishing growth is why so many expect a Xiaomi Corp. IPO within the year.
Xiaomi Chief Executive Officer Lei Jun announced last weekend that 2014 revenue had more than doubled from the previous year, from $5.2 billion to $11.97 billion. That was up some 150% from 2012 revenue of $2 billion.
Phone sales have soared from 7.19 million units in 2012 to just over 61 million in 2014. Xiaomi expects to sell 100 million smartphones this year. To put that into context, Apple Inc. (Nasdaq: AAPL) sold 169.22 million iPhones in its 2014 fiscal year.