China’s Ant Group fintech on course to smash IPO record

By Paddy Smith
Ant poised to raise as much as $34.4bn in stock market debut, giving the Chinese group a valuation in excess of $310bn...

In a sign of shifting priorities, China’s Ant Group fintech is expected to eclipse Saudi Aramco’s record IPO with a $34.4 billion listing.

The dual listing, across Shanghai’s STAR Market and Hong Kong, would value the Chinese fintech group at about $312 billion, making it worth more than the world’s biggest bank, Industrial and Commercial Bank of China.

Ant Group IPO: a 'miracle'

Ant founder Jack Ma said such as listing taking place outside New York was a “miracle”.

Investors are said to be lining up for the listing, undeterred by regulatory scrutiny of its consumer credit business and the threat of blacklisting by the US State Department, with sources claiming institutional investment opportunities were oversubscribed within an hour of launch.

Ant has not commented on investor demand.

Shares are expected to start trading in Shanghai and Hong Kong on November 5, days after the US presidential election.

The current record for an IPO is held by Saudi Arabian Oil Co (Saudi Aramco) with a $29.4 billion listing in December 2019.

Share

Featured Articles

Rich investors drawn to digital assets despite crypto crash

The world’s wealthiest people are sold on the concept of digital assets, as a new survey shows they are being used to construct more resilient portfolios

Five minutes with: Katie Nykanen, Group CTO at QA

Katie Nykanen, CTO at QA, on being a role model for girls and young women and her hopes for the future

Big business bets on real-time data and event-streaming tech

By 2025, 90 per cent of the world’s largest companies will use real-time intelligence to improve customer experience and other areas, new research predicts

Mind your language: Is NLP a natural fit for the Metaverse?

AI & Machine Learning

Cyberattacks make a big difference to manufacturing profits

Cloud & Cybersecurity

ICYMI: Space blockchains and 6G predictions for the future

Digital Transformation