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- Ant Group is poised to hit Asian exchanges in what’s set to be the world’s biggest IPO
- Reuters estimates the fintech’s initial public offering (IPO) will bring in US$35 billion (around A$49.16 billion) — clinching oil giant Saudi Aramco’s US$29.4 billion 2019 listing
- The world’s largest fintech, backed by eCommerce giant Alibaba, will list on two exchanges in Hong Kong and Shanghai
- Even more significant is the fact the float has been set outside New York — something Alibaba founder Jack Ma claims as “miraculous”
- While further details about Ant’s dual listing are yet to be announced, they’re expected in the coming days
Ant Group is poised to hit Asian exchanges in what’s set to be the world’s biggest IPO.
Reuters estimates the fintech’s initial public offering (IPO) will bring in US$35 billion (around A$49.16 billion) — clinching oil giant Saudi Aramco’s US$29.4 billion 2019 listing.
Ant Group, which is backed by eCommerce giant Alibaba, will list on two exchanges in the coming weeks.
The world’s largest fintech will hit the Hong Kong Exchange and Shanghai’s Stock Exchange Science and Technology Innovation (STAR) Board, which is just 15 months old.
Speaking to the listing, Alibaba founder Jack Ma told attendees at Shanghai’s Bund Summit — a symposium for bankers and regulators — that Ant’s listing was one for the history books.
“It’s the first time that the pricing of a big tech company has been decided outside of New York, which was beyond our imagination three years ago,” the business magnate stated.
“But it just happened. The changes happening in our world are miraculous,” he exclaimed.
Ant Group is already a powerhouse in the world’s east: it operates Alipay, one of China’s largest payment platforms. The fintech also manages a suite of financial services, including personal credit rating tool, Zhima Credit.
“This is the first major IPO of this scale that is not being listed in U.S. or London, but in Asia,” Sweeney Lachman, Head of Research at Longlead Capital Partners said today.
“To give you a sense of the scale and the liquidity drain involved, Hong Kong’s Central Bank had to conduct its largest intervention since the GFC by selling approximately HK$33 billion (roughly A$5.98 billion) in order to maintain its trading band against the USD,” she continued.
While Ant’s IPO price is yet to be disclosed, the Alibaba founder did confirm it had been set. Further details for both floats are expected in the coming days.
