China's Ant Group Says To Raise $34 Bn In Record IPO

Sumaira FH Published October 26, 2020 | 07:20 PM

Beijing, (UrduPoint / Pakistan Point News - 26th Oct, 2020 ) :Ant Group, the financial arm of Chinese e-commerce titan Alibaba, said Monday it plans to raise $34 billion in a joint Asian listing, making it the biggest IPO in history.

The cash raised from the split float between Hong Kong and Shanghai would be far more than the $29 billion chalked up by Saudi Aramco in December.

Ant Group company runs Alipay, the dominant online payment system in China, where cash, cheques and credit cards have long been eclipsed by e-payment devices and apps.

According to statements released by Ant Group, the e-payments behemoth aims to sell 1.67 billion shares each at HK$80 ($10.30, 8.70 euro) in Hong Kong from Tuesday.

A further 1.67 billion shares will be sold in Shanghai at 68.80 Yuan ($10.30, 8.70 euro).

The total sale would therefore exceed $34 bn (28.8 bn euro), and could be close to $40 bn (33.9 bn euro) if over-allotment options are taken up.

The securities will begin trading on November 5.