Chinese tech goliath Ant Group announced plans to raise more than $34 billion in its IPO. This breaks the previous record held by Saudi Arabian Oil Co., which was priced at $29 billion in its 2019 IPO.
Jack Ma, the founder of Ant and affiliate Alibaba Group Holding, called it a “miracle” that there is such a large listing outside of New York.
Ant’s market debut has continued concerns because of the U.S. State Department’s proposal to add the company to a trade blacklist. Despite the proposal, global investors have shrugged off the concerns as they bet on the rapid growth of Ant Group Co. to continue.
Ant is headquartered in the Chinese city of Hangzhou and is aiming to raise $17.2 billion in Shanghai and about the same in Hong Kong. Ant Group Co. is valued at about $313 billion overall.
Ant shares are expected to start trading on November 5, 2020, in Shangai and Hong Kong.
The price per share will start at roughly $10.32 in Hong Kong and $10.27 in Shanghai.
Justin Tang, head of Asian research at United First Partners in Singapore said, “the fear of missing out and the lack of other opportunities of this caliber” was a big reason for interest in this IPO.
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