Singapore’s GIC plans to invest more than US$1bil in Ant IPO

GIC Singapore

SINGAPORE: Singapore’s sovereign wealth fund GIC Pte plans to invest more than US$1bil in Ant Group’s mega initial public offering (IPO) as early investors look for a bigger slice of the Chinese payments behemoth, according to people familiar with the matter.

GIC and Singaporean state investor Temasek Holdings Pte are considering participating in both the Hong Kong and Shanghai legs of the listing, which could together raise as much as US$35bil, the people said.

China’s US$318bil National Council for Social Security Fund plans to purchase shares in the mainland sale, they added, asking not to be named because the matter is private.