Ant Group to raise up to US$34.4bil in world's biggest public offering

HONG KONG (Reuters) - Ant Group Co Ltd on Monday set terms for its dual-listing where the Chinese financial technology giant aims to raise up to US$34.4bil in the world's largest market debut, as investors scramble for a piece of the fast-growing company.

Ant, backed by e-commerce group Alibaba, is aiming to raise about US$17.2bil in Shanghai and roughly the same amount in Hong Kong this week, Ant said in filings to the stock exchanges late on Monday.

Ant set the price tag for the Shanghai leg of its dual-listing at 68.8 yuan (US$10.27) per share, while the price was set at HK$80 (US$10.32) per share for the Hong Kong tranche, the exchange filings showed.

Reuters on Saturday reported that many large Chinese fund managers had bid for Ant shares in the listing on the Nasdaq-style STAR Market in Shanghai at close to 69 yuan (US$10.32) apiece.

The combined raising of up to US$34.4bil via the public offering would beat the previous largest IPO, Saudi Aramco's US$29.4bil float last December.

The deal would value Ant as a whole at more than US$313bil, before a 15% greenshoe or over-allotment option is exercised.

At that valuation, Ant is worth more than Industrial and Commercial Bank of China, the No.1 bank by assets globally.

Ant plans to sell up to 1.67 billion shares in the Shanghai float, which is set to be the biggest IPO in China, eclipsing the record set by Agricultural Bank of China's US$10.1bil Shanghai float in 2010, according to Refinitiv data.

The company will also sell same number of shares in Hong Kong.

The bookbuilding for the Hong Kong leg will run from Monday to Friday, while books of its Shanghai leg will open for one day on Thursday.

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

Ant Group , IPO


Did you find this article insightful?


100% readers found this article insightful

Next In Business News

Biden to choose ex-Fed chair Yellen as first woman Treasury secretary
Malaysia Airlines offers subsidised tickets to boost domestic tourism
O&M business drives Serba Dinamik profits higher in Q3�
Top Glove confirms temporary stoppage of production plants in Klang due to Covid-19�
Soybeans touch 4-1/2 year high of $12 on supply concerns, high demand
Ringgit closes higher vs US$ at 4.0880
CPO futures close higher at RM3,518
Boustead Plantations stages turnaround in 3Q with RM17.9m net profit
US dollar falls to 2018 lows as vaccine optimism damps haven demand
HLT Global posts lower Q3 profit, as operating cost jumps�

Stories You'll Enjoy