Ant Group to raise up to $34.4bn in world’s biggest public offering
October 26 2020 09:36 PM
RELATED STORIES
Ant Financial Services
The logo of Ant Financial Services Group, Alibaba’s financial affiliate, is pictured at its headquarters in Hangzhou, Zhejiang province yesterday. Ant, backed by e-commerce group Alibaba, is aiming to raise about $17.2bn in Shanghai and roughly the same amount in Hong Kong this week, Ant said in filings to the stock exchanges late on Monday.

Reuters/Hong Kong

Ant Group Co Ltd yesterday set terms for its dual-listing where the Chinese financial technology giant aims to raise up to $34.4bn in the world’s largest market debut, as investors scramble for a piece of the fast-growing company.
Ant, backed by e-commerce group Alibaba, is aiming to raise about $17.2bn in Shanghai and roughly the same amount in Hong Kong this week, Ant said in filings to the stock exchanges late on Monday.
Ant set the price tag for the Shanghai leg of its dual-listing at 68.8 yuan ($10.27) per share, while the price was set at HK$80 ($10.32) per share for the Hong Kong tranche, the exchange filings showed.
Reuters on Saturday reported that many large Chinese fund managers had bid for Ant shares in the listing on the Nasdaq-style STAR Market in Shanghai at close to 69 yuan ($10.32) apiece.
The combined raising of up to $34.4bn via the public offering would beat Saudi Aramco’s $29.4bn float last December.
The deal would value Ant as a whole at more than $313bn, before a 15% greenshoe or over-allotment option is exercised.
At that valuation, Ant is worth more than Industrial and Commercial Bank of China, the No 1 bank by assets globally.
Ant plans to sell up to 1.67bn shares in the Shanghai float, which is set to be the biggest IPO in China, eclipsing the record set by Agricultural Bank of China’s $10.1bn Shanghai float in 2010, according to Refinitiv data.
The company will also sell same number of shares in Hong Kong.
The bookbuilding for the Hong Kong leg will run from Monday to Friday, while books of its Shanghai leg will open for one day on Thursday.



There are no comments.

LEAVE A COMMENT Your email address will not be published. Required fields are marked*
MORE NEWS

HAPPENING IN DOHAMore