China’s Ant Group to raise $34.5 billion in biggest IPO ever

Shanghai: Chinese financial technology giant Ant Group is set to raise about $34.5 billion from its initial public offering (IPO) in Hong Kong and Shanghai, surpassing the previous record set by Saudi Aramco’s $29.4 billion IPO in terms of cash raised last year.

Ant’s IPO values it at $313 billion, larger than some of the biggest banks in the world, South China Morning Post reported.

Headquartered in Hangzhou, Ant Group is the parent company of China’s leading mobile-payment business Alipay.

The digital finance behemoth is set to make its debut on the Shanghai Stock Exchange’s sci-tech innovation board, commonly known as the STAR market, and Hong Kong stock exchange on November 5.

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

Alibaba Co-Founder Jack Ma, who owns a controlling stake in Ant, on Saturday billed Ant’s share sale as the biggest in human history.

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