Ant Group to raise $17.2 billion in Shanghai in China's biggest IPO

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Ant is set to raise 114.9 billion yuan ($17.15 billion) from the Shanghai part of its dual-listing, which is set to be the biggest initial public offering (IPO) in China, eclipsing Agricultural Bank of China (OTC:ACGBF)’s (SS:601288) $10.1 billion float in 2010, Refinitiv data showed.

Ant, backed by e-commerce group Alibaba (N:BABA), also set the price for the Hong Kong tranche at HK$80 ($10.32) per share on Monday, according to its prospectus filed with the city’s stock exchange.

The dual Shanghai/Hong Kong listing, estimated to reach $34 billion, would beat the previous largest IPO, Saudi Aramco ‘s (SE:2222) $29.4 billion float last December.

Ant aims to split the share sale evenly between Hong Kong and Shanghai, selling 1.67 billion shares on each exchange, which represents a combined 11% of its enlarged share capital.

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