Ant’s army of advisers on the march to sell the world’s biggest IPO, with some playing a much larger role than others
- Ant to announce price of Shanghai shares on Monday; listing seen not before US election
- ABC International, BNP Paribas, CMB International, DBS and Mizuho join deal as book runners
Chinese billionaire Jack Ma’s Ant Group has assembled at least 21 financial advisers to sell what is likely to be the world’s largest initial public offering in Hong Kong and Shanghai, although some are playing a larger role in the deal than others, according to people familiar with the matter.
The banks and brokers fanned out last week to ramp up the share sale. A core group of analysts sent their research to investors, guiding them on valuation yardsticks.
The Chinese fintech giant is set to announce the price of the Shanghai leg of the share sale on Monday, while the investors are assuming the Ant stock will make its public markets debut after the US election on November 3.
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Ant Group poised to be world’s biggest private firm making public debut, with Hong Kong-Shanghai IPO
The armies of banks selling IPOs in Hong Kong have swollen over the past decade, and competition for fees is fierce. Chinese banks and brokers are spilling across the border, using the city as a launch pad for international expansion.