China's Ant Group to raise up to $17bh in Shanghai IPO as deep-pocket whales step up

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China's Ant Group to raise up to $17bh in Shanghai IPO as deep-pocket whales step up

China’s Ant Group, an affiliate of the Chinese tech conglomerate Alibaba Group Holdings and formerly called as Ant Financial and Alipay, appears to be well en-route to raise as many as $17.3 billion at its Shanghai-leg of a likely $35 billion dual listing, which in effect would mark up the world’s largest Initial Public Offering ahead of Saudi’s state-backed oil giant Aramco’s $29.2 billion floated on December last year, people familiar with the issue had unveiled on Saturady on condition of anonymity as the sources were not authorized to speak publicly over the subject-matter.

Apart from that, the five-year-old Chinese e-payment start-up headquartered in Xihu District, Hangzhou, which happened to have become the world’s highest-valued fintech corp., had started off receiving bids in the range between 68 to 69 Chinese Yuan per share from deep-pocket hedge funds and big-whale individuals from all over the world, one of the sources had unveiled.

China’s Ant Group well-poised to raise $35 billion in dual listing

In point of fact, as the Chinese e-commerce behemoth Alibaba-backed fintech giant’s current standpoint seems highly favourable to float at least $35 billion at its simultaneous listing in Hang Seng and Shanghai Stock Exchange, without disclosing the price range that the Chinese fintech giant has been targeting, Alibaba founder Jack Ma said on Saturday that the Initial Public Offering of Ant Group would be the world’s largest and the company had agreed to a price range on Friday adding “It’s the first time that the pricing of such a big listing - the largest in human history - has been determined outside New York City”.

In tandem, later on Saturday, a person familiar with the subject-matter was quoted saying that the Ant Group stocks were also receiving similar bids in Shanghai at a price range between 68 to 69 ($10.32) Chinese Yuan per share, while at a floatation of 69 yuan apiece, Ant Group might raise up to $17.3 billion or 115.3 billion Chinese Yuan in the Nasdaq-style STAR Market in Shanghai.