By Yashi Gupta Oct 15, 2020 10:08:29 PM IST (Published)
The startup aims for a valuation of $250 billion and hopes to raise $35 billion in a dual listing — more than Saudi Aramco's $29.4 billion in 2019.
The most extensive stock market offering expected to raise about $35 billion is set to open for subscriptions soon. The initial public offer (IPO), set to be launched on the Hong Kong and Shanghai Stock Exchanges, could be the biggest ever.
Barclays, ICBC International and Bank of China International are book-runners for the IPO. In Hong Kong, CICC, Citi Group, JPMorgan and Morgan Stanley are sponsoring the sale. Similarly, in Shanghai CICC and China Securities will sponsor the sale.
Why is it the biggest IPO of all time?
Ant Group, an affiliate of Chinese billionaire Jack Ma's Alibaba, is one of the world's most valuable fintech company and is aiming for a valuation of around $250 billion. It hopes to raise $35 billion in the dual listing — more than Saudi Aramco's $29.4 billion in 2019, which is the current biggest.