Hong Kong: Xiaomi Corp. and some existing investors raised $4.7 billion after pricing a Hong Kong initial public offering (IPO) at the low end of a marketed range, a person with knowledge of the matter said.

The Beijing-based smartphone maker priced the sale of 2.18 billion shares at HK$17 each, the person said, asking not to be identified because the details are private. The shares were offered at HK$17 to HK$22 apiece, according to terms for the transaction obtained by Bloomberg earlier.

Xiaomi had attracted cornerstone investments from Qualcomm Inc. and China Mobile Ltd for the deal, which was seeking to become the world’s biggest IPO in nearly two years based on the top end of the range. The smartphone maker, led by serial entrepreneur Lei Jun, is the first major tech listing in Hong Kong since the city changed its rules to allow founders to keep outsized voting rights.

A representative for Xiaomi declined to comment. IFR reported the final pricing earlier on Friday in Hong Kong, citing unidentified people.

Xiaomi had already scaled back its ambitions for the offering. Top executives were initially pushing for an IPO valuation of as much as $100 billion when listing preparations began last year, Bloomberg News reported at the time.

The company was also planning to raise funds from mainland Chinese investors nearly simultaneously with the Hong Kong IPO. It has since delayed the plan to float so-called Chinese depositary receipts in Shanghai, which reduced its overall fundraising target.

Goldman Sachs Group Inc., Morgan Stanley and CLSA Ltd. are leading Xiaomi’s IPO as joint sponsors.