Payments group poised to top Saudi Aramco’s haul after it priced in Shanghai and Hong Kong
Ant Group is set to raise more than $34bn after setting the price of shares in its initial public offering, putting the Chinese payments group on track to top Saudi Aramco as the biggest-ever market listing.
The financial technology company, controlled by Alibaba’s billionaire founder Jack Ma, will sell shares in a dual listing across Shanghai and Hong Kong. It is expected to make its market debut on November 5.
Ant said it would sell shares for the Shanghai portion, which will trade on the technology-focused Star market, at Rmb68.80 ($10.26) each, according to documents published by the city’s stock exchange on Monday evening. Ant also said it had set the price for its Hong Kong shares at HK$80 (US$10.32).
Together the sale of the roughly 3.34bn shares, which account for 11 per cent of Ant’s total outstanding stock, will fetch $34.4bn — topping the $29.4bn raised in 2019 by oil major Saudi Aramco. The Shanghai segment of the Ant sale alone will bring in Rmb114.9bn ($17.2bn), more than double the Rmb53bn raised by chipmaker SMIC in July.