Goldman Sachs joins Ant’s up to $30 billion IPO banking syndicate: Report

Goldman Sachs has joined the growing list of investment banks working on Chinese financial technology firm Ant Group's initial public offering of up to $30 billion, as a joint lead manager on the Hong Kong leg, two people with direct knowledge of the matter said.

Ant, backed by Chinese e-commerce giant Alibaba Group plans to do a simultaneous listing in Hong Kong and Shanghai, in what sources have said could be the world's largest IPO and come as soon as October.

A spokesman for Goldman Sachs declined to comment on the appointment. Ant also declined to comment.

Goldman Sachs Group Inc. is joining the Hong Kong leg of Ant Group’s listing as joint lead manager, according to two people familiar with the matter.

An Ant representative declined to comment, while a Goldman Sachs spokesperson didn’t immediately respond to an emailed query outside of business hours.

Ant is seeking to raise about $30 billion with a valuation of about $225 billion in Hong Kong and Shanghai, people familiar have said.

Ant’s Mega IPO Sets Up Jack Ma to Escalate War With Tencent