Ant said to lift IPO funding target to US$35bil

Money spinner: An employee stands next to the logo of Ant Financial Services Group, Alibaba’s financial affiliate, at its headquarters in Hangzhou, China. Ant’s simultaneous listing in Hong Kong and Shanghai may mark the biggest IPO ever, topping Saudi Aramco’s record US$29bil sale. — Reuters

BEIJING: Jack Ma’s Ant Group is seeking to raise at least US$35bil in its initial public offering after assessing early investor interest, people familiar with the matter said, putting the Chinese fintech giant on track for a record debut sale.

Ant lifted its IPO target based on an increased valuation of about US$250bil, up from previous estimates of US$225bil, said the people, who asked not to be identified discussing private matters.