Ant Group Says To Raise US$34bn In Record IPO

Ant Group, the financial arm of Chinese e-commerce titan Alibaba, said on Monday it plans to raise US$34 billion in a joint Asian listing, making it the biggest IPO in history.

The cash raised from the split float between Hong Kong and Shanghai would be far more than the US$29 billion chalked up by Saudi Aramco in December.

Ant Group company runs Alipay, the dominant online payment system in China, where cash, cheques and credit cards have long been eclipsed by e-payment devices and apps.

According to statements released by Ant Group, the e-payments behemoth aims to sell 1.67 billion shares each at HK$80 (US$10.30, 8.70 euro) in Hong Kong from Tuesday.

A further 1.67 billion shares will be sold in Shanghai at 68.80 yuan (US$10.30, 8.70 euro).

The total sale would therefore exceed US$34 bn (28.8 bn euro), and could be close to US$40 bn (33.9 bn euro) if over-allotment options are taken up.

The securities will begin trading on November 5. (AFP)