Ant Group to raise $17.2 billion in Shanghai in China’s biggest IPO


In this news, we discuss the Ant Group to raise $17.2 billion in Shanghai in China’s biggest IPO.

HONG KONG (Reuters) – Ant Group Co Ltd 688688.SS on Monday set the price of the Shanghai stage of its record double listing at 68.8 yuan ($ 10.27) per share, the Chinese tech company said financial in a stock market file. .

Ant is set to raise 114.9 billion yuan ($ 17.15 billion) from the Shanghai portion of its dual listing, which is set to be the largest initial public offering (IPO) in China, eclipsing the 601288 of the Agricultural Bank of China. 2010, according to Refinitiv data.

Ant, backed by e-commerce group Alibaba BABA.N, also priced the Hong Kong tranche on Monday at HK $ 80 ($ 10.32) per share, according to its prospectus filed with the city stock exchange. .

The Shanghai / Hong Kong double listing, estimated at $ 34 billion, would beat the previous largest IPO, Saudi Aramco’s free float of 2222.SE, $ 29.4 billion last December.

Ant aims to evenly split the sale of shares between Hong Kong and Shanghai, selling 1.67 billion shares on each exchange, totaling 11% of its enlarged share capital.

Reporting by Julie Zhu and Scott Murdoch; Editing by Kirsten Donovan and Jane Merriman

Original © Thomson Reuters

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