Home >News >World >Ant Group could raise nearly $35 bn in record share offering
This photo taken on October 13, 2020 shows the Ant Group headquarters in Hangzhou, in China's eastern Zhejiang province. (Photo by STR / AFP) / China OUT (AFP)
This photo taken on October 13, 2020 shows the Ant Group headquarters in Hangzhou, in China's eastern Zhejiang province. (Photo by STR / AFP) / China OUT (AFP)

Ant Group could raise nearly $35 bn in record share offering

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

HONG KONG : (AP) — China’s Ant Group will try to raise nearly $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 ($10.26) each, while its Hong Kong stock is priced at 80 Hong Kong dollars apiece ($10.32), according to filings on Monday.

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

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

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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