Apple Inc. (NASDAQ:AAPL) to showcase iPad Mini on Oct 23

It looks like Apple Inc.(NASDAQ:AAPL)’s iPad Mini is getting to be a reality after all, after all the rumours and speculations over the device.

Apple is expected to hold an event on October 23 where it will showcase the smaller version of its iPad, AllThingsD said on Friday.

Quoting sources, "familiar with Apple's plans" the tech publication said that the event will take place at Apple's Town Hall auditorium.

The smaller, cheaper iPad, which the media had popularly dubbed as the iPad Mini, is set to take on devices such as the Google's Nexus 7 and Amazon's Kindle Fire.

At 7.85 inches display it will be much smaller compared to the regulation-sized iPad which has a 9.7 inch display.

According to analysts, the company has veered around to the idea that there is opportunity and a market for a smaller tablet PC which will be much handier compared to the current iPad, which is almost like a school slate board.

RBC Capital Markets has already estimated that if such an iPad were to be released then it would sell about 8 million units in the holiday season.

The expectation is that the small iPad would be ready to go on store shelves in early November, just in time to catch the pre-holiday sales rush.

While several leaks have taken place abbot the product, including images, Apple is known to be working on a number of prototypes at the same time and it is not clear what would be the final product that would hit the markets.