Xiaomi Corp, the Chinese smartphone maker known for their Mi and Redmi range, raised $4.72 billion in their initial public offer (IPO) after pricing the shares at the lower end of the market price range, a Reuters report said citing unidentified sources.

It sold 2.18 billion shares at HK$17 each. The IPO was offered at a range of HK$17 to HK$22 a piece.

The money raised from the IPO values Xiaomi at $53.9 billion which is nearly half of what was anticipated from the issue. The Beijing based company is the first tech listing in Hong Kong after rules were changed to allow founders to keep outsized voting rights.

The $53.9 billion value is before it exercises the over-allotment option that allows additional shares to be sold based on demand. It was anticipated to be valued at $100 billion by international market experts and even $70 billion-plus most recently by some analysts. In 2014, after its fund-raising, it was valued at $46 billion.

In joint sponsorship, Goldman Sachs Group Inc., Morgan Stanley and CLSA Ltd. led Xiaomi's IPO.