Ant’s mega IPO draws interest from Temasek


Ant, backed by Alibaba Group Holding, plans to list simultaneously in the Hong Kong stock market and on Shanghai’s Nasdaq-style Star Market and raise as much as US$30bil, according to Reuters.That would make it the world’s biggest IPO since Saudi Aramco raised US$29.4bil last December, which surpassed the record set by Alibaba in 2014. Temasek and GIC are the first major Asian investors to be linked to Ant’s IPO.

SINGAPORE: Singapore state investor Temasek Holdings is considering an investment in the initial public offering (IPO) of Chinese financial technology company Ant Group, which could be the world’s biggest IPO, two people familiar with the matter said.

Singapore sovereign wealth fund GIC Pte Ltd is also considering investing in the IPO, said one of the people.

Temasek, GIC and Ant declined to comment.

Ant, backed by Alibaba Group Holding, plans to list simultaneously in the Hong Kong stock market and on Shanghai’s Nasdaq-style Star Market and raise as much as US$30bil, according to Reuters.That would make it the world’s biggest IPO since Saudi Aramco raised US$29.4bil last December, which surpassed the record set by Alibaba in 2014.

Temasek and GIC are the first major Asian investors to be linked to Ant’s IPO.

The potential investments by two of the world’s biggest state investors underscore that Ant’s mammoth IPO is gaining traction. Temasek and GIC also participated in Ant’s US$14bil funding round in 2018.

Temasek is mulling investing in both the onshore and offshore legs of the dual listing, which could come as soon as October, said the second source.

The state investor is awaiting more details of Ant’s IPO before finalising its investment proposal, said the first person.

Temasek’s portfolio exposure to China, as measured by underlying assets, increased to a record 29% in the year ending March, from 26% a year earlier, while exposure to Singapore fell to 24% from 26%.

Ant, China’s dominant mobile payments firm, plans to raise more funds on Star than in Hong Kong, in a major endorsement of the year-old mainland exchange, Reuters has reported. — Reuters

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Ant , IPO , Temasek , GIC , Alibaba , Hong Kong , Shanghai , Nasdaq-style ,

   

Did you find this article insightful?

Yes
No

Next In Business News

Pavilion REIT posts lower net profit in FY20
See Hup bags RM99mil ECRL job
Pasukhas wins contract to build Fintec glove factory near Ipoh�
EPF to resume counter services at KL branch on Friday
Malaysia Airlines upgrades Enrich programme
Tax incentives lift F&N net profit in Q1�
KLCI snaps losing streak, semicon, tech stocks close higher
Principal Asset Management’s AUM rises 5.1% to RM92.6b at end-2020
Petronas named most valuable Asean brand for 2021
Public Islamic Bank, KPower in financing scheme for solar power

Stories You'll Enjoy


-->