Tawasul
Mubasher TV
Contact Us Advertising   العربية

Ant Group to raise $34.4bn in world record-breaking IPO

Ant Group to raise $34.4bn in world record-breaking IPO

Mubasher: China’s Ant Group Co. is looking to raise at least $34.4 billion in its dual-listing, set to be the world’s biggest initial public offering (IPO), beating the previous largest IPO, Saudi Aramco's $29.4 billion IPO in December 2019, the Wall Street Journal reported on Monday.

The payments group aims to raise $17.2 billion each in Shanghai and Hong Kong as it set the price for the Shanghai tranche at 68.8 yuan and the Hong Kong tranche at HK$80, according to regulatory filings

If underwriters exercised the greenshoe option to purchase up to 15% more shares, the Chinese firm might raise up to a maximum of additional amount of $5.2 billion.

The transaction would value the Hangzhou-based group at $313 billion before an over-allotment option is exercised.  

The Refinitiv publication IFR previously said that the company’s shares are expected to start trading in Hong Kong a few days following the US presidential election set on 3 November.