Xiaomi, Beijing-based smartphone company, may file for a public listing in Hong Kong as soon as next month and is targeting a valuation of about $100 billion, Bloomberg reported.

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Xiaomi could be the biggest IPO since Alibaba Group Holding’s $25 billion IPO in 2014.

The smartphone maker, which once fetched a valuation of $45 billion, faced a challenging 2016 and then bounced back by revamping its sales model and expanding in India, where it rivals Samsung Electronics as the biggest vendor.

Xiaomi has selected Morgan Stanley, Goldman Sachs Group, Credit Suisse Group and Deutsche Bank for its IPO.