Ant’s IPO pushes CICC to No 2 in global league tables for new listings

In this news, we discuss the Ant’s IPO pushes CICC to No 2 in global league tables for new listings.

HONG KONG (Reuters) – China International Capital Corporation (CICC) 3908.HK601995.SS has ranked among the world’s top two investment banks for new listings for the first time since the global financial crisis due to its role leader in fintech giant Ant Group 6688 .HK688688.SS mega float, genealogy figures show.

The leaderboards released on Monday on credit distribution for the Ant deal pushed CICC to the top of investment banks working on IPOs and secondary listings around the world.

CICC, ranked fifth globally ahead of Ant so far this year, is now second behind Credit Suisse, according to the figures.

The market share figures came when shares of CICC began trading on the Shanghai Stock Exchange on Monday after the bank raised $ 2 billion on a secondary listing.

CICC is a sponsor on the Shanghai and Hong Kong stages of Ant, expected to be the world’s largest IPO, which has raised up to $ 37 billion, which includes a green shoe option already exercised for the mainland part of the agreement.

Goldman Sachs GS.N is now ranked third in the global ranking list, followed by Citigroup CN and Morgan Stanley MS.N, according to the data.

Ant’s IPO caused a reshuffle in the ranking of banks in Hong Kong.

CICC retained its first place but increased its market share from 9% to 11% while only two Western banks remained in the top 10.

Citigroup and Morgan Stanley, two sponsors of the Ant’s Hong Kong stages, are ranked eighth and ninth, while the remaining 10 first places are occupied by Chinese institutions.

Ant Group will pay the 24 banks that signed the Hong Kong leg of the deal up to $ 198 million in fees, if the 15% greenshoe is exercised.

The fee is 1% of the IPO proceeds, which is considered low compared to most transactions in the Asian financial hub.

Reporting by Scott Murdoch in Hong Kong; Editing by Jacqueline Wong

Original © Thomson Reuters

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