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Alibaba's Subsidiary, Ant Group, Plans To Raise $35 Billion During The IPO

Alibaba's Subsidiary, Ant Group, Plans To Raise $35 Billion During The IPO

Ant Group, a division of the Chinese Internet company Alibaba, plans to raise about $ 35 billion during the initial public offering (IPO) on the Hong Kong and Shanghai exchanges, Bloomberg reported, citing sources.

"Ant Group aims to raise at least $35 billion in its IPO after evaluating investor interest at an early stage," the Agency said. According to them, this is due to a change in the estimated value of the company from $ 225 billion to $250 billion.

Initially, the company planned to raise about $30 billion during the IPO.

The Agency notes that the simultaneous listing of Ant Group in Hong Kong and Shanghai may mark the largest IPO in history, surpassing the amount of $29.4 billion that Saudi Aramco managed to raise during the initial public offering in December.

In late July, Ant Group announced that it had launched a simultaneous IPO on the Hong Kong and Shanghai exchanges. The timing of the double listing is not reported.

Headquartered in the Eastern Chinese city of Hangzhou, Ant Group is 33% owned by Alibaba Group and controlled by Alibaba founder Jack Ma. The company holds a leading position in China in the field of mobile payments and also offers credit, insurance, and asset management services through mobile apps.

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