Ant Group to Raise $34.5 Billion in Largest-Ever IPO

Chinese financial-technology company Ant Group will raise $34.5 billion in the largest-ever public listing.
Author:
Publish date:

Chinese financial technology company Ant Group will raise $34.5 billion in its dual public offering, making it the largest public listing of all time.

Ant Group's Shanghai-listed shares will be priced at 68.8 yuan ($10.26) each in a debut that will raise $17.23 billion. The Hong Kong-listed shares will raise another $17.24 billion. 

Ant Group's valuation will be $313.37 billion based on share pricing once it begins trading in Hong Kong. That's expected on Nov. 5.

Ant Group is best known for running the popular mobile-payment app Alipay, which has more than 700 million monthly active users. 

Institutional investors subscribed for more than 76 billion shares, or 284 times the initial offline offering tranche, according to Ant's A-share offering announcement. 

Ant Group is headed by Alibaba  (BABA) - Get Report Co-Founder Jack Ma. The executive, who owns about a third of Ant, has agreed to subscribe for 730 million shares in the Shanghai listing. 

Alibaba will hold about 32% of Ant shares following the IPO. 

Once Ant's IPO closes, it will surpass Saudi Aramco's $29 billion listing as the largest-ever public offering. 

Regulators in China approved the offering after Ant passed a hearing with the Hong Kong Stock Exchange. 

Ant Group is going ahead with its China listing even as CNBC reported that the U.S. is trying to put the company on a trade blacklist called the Entity List.