China’s Ant Group set to raise US$34.5 billion in world’s largest initial public offering

Name: Ant Group poised to be world’s biggest private firm making public debut, with Hong Kong-Shanghai IPO
Uploaded: 2020-10-26T11:15:10.000Z
Duration: 1 min 12 s
Description: Ant Group poised to be world’s biggest private firm making public debut, with Hong Kong-Shanghai IPO

Ant priced the Hong Kong leg of its IPO at HK$80 a share and the Shanghai tranche at 68.80 yuan apiece

Ant’s IPO values the fintech giant at US$313 billion, rising to US$318.50 billion if an over allotment option is included

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Ant Group and Alipay headquarters in Shanghai. Photo: EPA-EFE

Alison Tudor-AckroydandDaniel Ren

Published: 7:15pm, 26 Oct 2020Updated: 2:05pm, 28 Oct 2020

Digital finance behemoth Ant Group is set to raise about US$34.5 billion from its initial public offering in Hong Kong and Shanghai, paving the way for a record-breaking deal and a valuation topping the world’s biggest bank, JP Morgan Chase.

The most valuable unicorn on the planet is likely to make its hotly anticipated debut on Shanghai’s Nasdaq-styled Star Market and Hong Kong’s stock market on November 5, two days after the US election.

Hangzhou-headquartered Ant priced its 1.67 billion A shares at 68.80 yuan (US$10.27) and the Hong Kong stock at HK$80 (US$10.32) apiece.

Co-hosting the world’s biggest IPO is a badge of honour for the fledgling Star Market, which was launched only in July last year as part of Chinese President Xi Jinping’s plan to fund the growth of mainland Chinese technology firms.

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Ant Group poised to be world’s biggest private firm making public debut, with Hong Kong-Shanghai IPO

For Hong Kong, Ant’s IPO helps it keep pace with the swift development of financial hubs in mainland China. Beijing is steadily opening its domestic financial markets to foreign investors and nurturing neighbouring Shenzhen as a technology and financial hub.

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