Jack Ma’s Ant Group aims to raise $ 34.5 billion in biggest IPO of all time


  • Ant Group will raise $ 34.5 billion from a double IPO in November, making it the largest IPO ever.
  • The financial services giant aims to fairly distribute its debut of 1.67 billion shares on the Hong Kong and Shanghai stock exchanges.
  • The shares will be valued at 68.8 yuan ($ 10.27) each in Shanghai and 80 Hong Kong dollars ($ 10.32) in Hong Kong. The collective sum surpasses the previous record of $ 29 billion set by Saudi Aramco’s IPO last year.
  • Ant is expected to begin operations in Hong Kong on November 5, according to regulatory documents.
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Ant Group plans to raise $ 34.5 billion in a dual IPO next month, making Saudi Aramco’s debut the biggest listing of all time.

The financial services firm – a branch of billionaire Jack Ma’s Alibaba empire – will also split its offering, selling 1.67 billion shares each when it debuts in Shanghai and Hong Kong. The shares listed on the Shanghai Stock Exchange will be priced at 68.8 yuan ($ 10.27) each, according to regulatory documents released on Monday. The prize involves windfall of 114.9 billion yuan ($ 17.2 billion) from listing.

The stocks that are expected to trade on the Hong Kong Stock Exchange are valued at HK $ 80 (10.32) each, allowing the other half of the listing to fetch HK $ 133.7 billion ( $ 17.2 billion). In total, the dual listing may value Ant at $ 313.4 billion if its market debut enjoys strong investor demand.

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Such an IPO would also break the record set by Saudi Aramco in 2019. The oil titan raised $ 29 billion in a stock sale that temporarily established it as the world’s most valuable company.

Ant could even push his fundraising total to just below $ 40 billion if he sells shares through so-called greenhoe options. The agreements allow the underwriters of the company to sell additional shares than originally planned. If investor demand allows, Ant can raise an additional $ 5.2 billion on both exchanges through the over-allotment options.

The fintech company is expected to begin operations in Hong Kong on Nov.5, according to the filing. It is not yet clear when the shares will start trading in Shanghai.

Ant’s debut is expected to bring the tech IPO’s proceeds to its highest level since the dot-com bubble in 1999. Strong demand for new offerings has helped the market out of its March slump and revive the conclusion of IPO transactions despite the gloomy economic context. July alone saw companies raise $ 19 billion from listings, the biggest one-month postponement since September 2014.

China International Capital Corp. and CSC Financial will subscribe to the listing of Ant in Shanghai. CICC, Citigroup, Morgan Stanley and JPMorgan will lead the Hong Kong IPO.

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