The Chinese smartphone maker Xiaomi Corp reported its first quarterly loss of 7 billion yuan ($1.09 billion) ahead of its initial public offering (IPO), as per a filing.

It has also stated a net loss of 43.89 billion yuan for the whole of 2017 in its draft prospectus of Chinese depository receipts (CDR) published in Shanghai on Monday. It is expected to be the first CDR as per a Reuters report.

The eight-year-old company prepares to seek investors for the world's largest IPO since 2014. The CDR says that the company plans to use 40 percent of the proceeds to expand its global reach. Xiaomi opened its first store in Paris last month and is hoping to set a footprint in the US.

For the first three months of the year, smartphones made up for 67.5 percent of its sales, down from 70 percent in 2017. Smart-home devices like air-purifiers, scooters and internet services like mobile applications made up to 31.8 percent.

Xiaomi is said to be seeking $60 to $70 billion in valuation from the IPO, which is jointly sponsored by banks including CLSA, Goldman Sachs and Morgan Stanley in Hong Kong and CITIC Securities in mainland China.