Jack Ma’s Ant Group has set its sights on raising more than $34 billion in its initial public offering (IPO), putting the Chinese payments group on course to beat Saudi Aramco as the biggest-ever market listing.
The financial technology company will sell shares in a dual listing across Shanghai and Hong Kong. It is expected to make its market debut on November 5.
Ant said it would sell shares for the Shanghai portion, which will trade on the technology-focused Star market, at Rmb68.80 ($10.26) each, according to documents published by the city’s stock exchange.
Ant also said it had set the price for its Hong Kong shares at HK$80 ($10.32). Together the sale of the roughly 3.34 billion shares, which account for 11% of Ant’s total outstanding stock, will fetch $34.4 billion — topping the $29.4 billion raised in 2019 by oil major Saudi Aramco.
“It’s been a good year for IPOs [in Asia] but this one is hard to miss and I think everyone feels it’s going to do well in the after-market,” said Philippe Espinasse, a Hong Kong-based investment banking consultant, referring to Ant’s potential share price performance after it begins trading.