Xiaomi is picking banks for an IPO worth up to $100 billion

Chinese phone maker Xiaomi has begun picking banks to underwrite its public offering, which might value the firm at up to $100 billion, according to Bloomberg.The firm has sunk to fourth place in China behind Huawei, Oppo, and Vivo, but has made strong progress in India where it's one of the top three manufacturers.Xiaomi, one of the biggest smartphone brands in China, is picking banks ahead of an IPO at a possible valuation of $100 billion (£72.3 billion).