Ant Group could raise nearly USD 35B in record share offering

 China’s Ant Group will try to raise nearly USD 35 billion in its initial public offering in Shanghai and Hong Kong, which would make it the largest share offering in history.

Ant Group could raise nearly USD 35B in record share offering

Ant Group could raise nearly USD 35B in record share offering

Hong Kong (AP): China’s Ant Group will try to raise nearly USD 35 billion in its initial public offering in Shanghai and Hong Kong, which would make it the largest share offering in history.

Alibaba-affiliated Ant Group, which operates a suite of financial products including the widely-used Alipay digital wallet in China and one of the world’s largest money market funds, will hold dual listings in Shanghai and Hong Kong.

Its Shanghai stock was priced at 68.8 yuan (USD 10.26) each, while its Hong Kong stock is priced at 80 Hong Kong dollars apiece (USD 10.32), according to filings on Monday.

The company will raise about USD 34.5 billion from the share offering, which is expected to surpass oil company Saudi Aramco’s USD 29 billion share sale last year, making Ant Group’s offering the biggest in the world.

Ant Group would be valued at about USD 280 billion. If the company exercises its greenshoe option, which would allow it to sell more shares than initially planned, it could raise another USD 5.17 billion, taking its valuation to about USD 320 billion.

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