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News | Business | Tech Companies: Ant Group to raise $34.5 billion, valuing it at over $313 billion, in biggest IPO of all time

 

Arjun Kharpal


Ant Group Headquarters Hangzhou

The Ant Group logo and the Alibaba Group logo are displayed at the company’s headquarters in Hangzhou, China.

Qilai Shen | Bloomberg | Getty Images

Ant Group will raise $34.5 billion in its dual initial public offering (IPO) after setting the price for its shares on Monday, making it the biggest listing of all time.

The Chinese financial technology giant previously said it would split its stock issuance equally across Shanghai and Hong Kong, issuing 1.67 billion new shares in each location.

Ant Group’s Shanghai-listed shares will be priced at 68.8 yuan each. The issuing of 1.67 billion shares will raise 114.94 billion yuan or $17.23 billion, according to the exchange rate listed in the official filings.

The Hong Kong-listed shares have been priced at 80 Hong Kong dollars each, raising 133.65 billion Hong Kong dollars or $17.24 billion.

The listing will raise a total of just under $34.5 billion, with the possibility for that figure to go higher if the so-called over-allotment option is exercised, depending on demand. It makes it the largest IPO of all time, putting it ahead of previous record holder Saudi Aramco, which raised just over $29 billion.

Ant’s valuation based on the pricing will be $313.37 billion, larger than some of the biggest banks in the U.S., including Goldman Sachs and Wells Fargo.

Ant Group is expected to start trading in Hong Kong on Nov. 5, according to the regulatory filing. The company has not disclosed when its Shanghai shares will begin trading.

The Chinese company previously said that strategic investors have agreed to subscribe to 80% of the company’s Shanghai-issued shares. Alibaba, via its subsidiary Zhejiang Tmall Technology, has agreed to buy 730 million A-shares, which are yuan-denominated shares of Chinese companies listed in mainland exchanges. This will allow Alibaba to maintain its roughly 33% stake in Ant Group.

Ant’s pricing comes after regulators in mainland China and Hong Kong gave the green light for the listing last week.

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