XIAOMI Corp. aims to seek formal Hong Kong stock exchange approval June 7 for an initial public offering (IPO) that could raise about US$10 billion, sources with knowledge of the matter said.

The Beijing-based smartphone maker hopes to price the share sale late next month if its application is approved by the bourse’s listing committee. The timing for the so-called listing hearing could slip, depending on the volume of questions from the exchange ahead of the meeting, the sources said.

Xiaomi, led by entrepreneur Lei Jun, is one of the most anticipated deals in what’s expected to be a banner year for Hong Kong IPOs. The listing, which could become the world’s biggest first-time share sale since 2014, is set to mint dozens of new millionaires from the early employees who bought stock in Xiaomi.

The company has recently been discussing a potential IPO valuation of around US$60 billion to US$70 billion, people familiar with the matter have said.

Xiaomi was the first to file for a Hong Kong IPO with a weighted-voting rights structure after the city’s bourse changed rules last month.

A representative for Xiaomi declined to comment.

Xiaomi opened its first store in Paris last week and is planning more shops in France, Spain and Italy, senior vice president Wang Xiang said in a Tuesday interview in the French capital.

It does not currently sell phones in the United States but ships products such as portable chargers and electric micro-scooters through Amazon.com Inc. and Walmart Inc. (SD-Agencies)