Xiaomi Plots a Path Out of the Wilderness With a Big IPO

Xiaomi Corp., once China’s top smartphone vendor, recently looked like a company past its prime. But a revival this year has brought resurgent sales at home and abroad, and now it is looking to cash in by going public.

Investment banks eager to take Xiaomi public pitched the company earlier this month, with some offering a valuation of more than $100 billion, according to people familiar with the matter. That would make Xiaomi the largest Chinese company to list since Alibaba Group Holding Ltd. was valued at $169 billion when...