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How Jack Ma spearheaded a world record shattering IPO of Ant

Chinese financial technology giant Ant Group is set to raise about $34.5 billion from its initial public offering (IPO) in Hong Kong and Shanghai, surpassing the previous record set by Saudi Aramcos $29.4 billion IPO in terms of cash raised last year.

India TV Business Desk India TV Business Desk
New Delhi Updated on: October 27, 2020 17:49 IST
Ant Group, Alipay, Jack Ma, China
Image Source : AP

Ant Group is the parent company of China's leading mobile-payment business Alipay.

Chinese financial technology giant Ant Group is set to raise about $34.5 billion from its initial public offering (IPO) in Hong Kong and Shanghai, surpassing the previous record set by Saudi Aramcos $29.4 billion IPO in terms of cash raised last year. Ant's IPO values it at $313 billion, larger than some of the biggest banks in the world, South China Morning Post reported on Monday.

Headquartered in Hangzhou, Ant Group is the parent company of China's leading mobile-payment business Alipay.

The digital finance behemoth is set to make its debut on the Shanghai Stock Exchange's sci-tech innovation board, commonly known as the STAR market, and Hong Kong stock exchange on November 5.

Further this development, this will position Jack Ma near to world's most richest people. According to Bloomberg, Jack Ma's fortune may soon hit $71.1 billion that will take him to become 11th most richest. 

Ant priced its 1.67 billion A-shares at 68.80 yuan ($10.27) and the Hong Kong stock at HK$80 (US$10.32) apiece, said the report.

Alibaba Co-Founder Jack Ma Jack Ma, who owns a controlling stake in Ant, on Saturday billed Ant's share sale as the biggest in human history. Formally established in October 2014, Ant Group traces its origins back to Alipay, which was launched in 2004.

Alipay's number of monthly active users hit 731 million on September 30.

Jack Ma and Ant Group

With Ant Group and Alipay, Jack Ma has been able to transform China's internet industry and millions of Chinese consumers. The group has made its impact to every corner in China, such is the reach of this group services.

Ant Group previously known as Ant Financial and Alipay, is an affiliate company of the Chinese Alibaba Group. It is also world's highest-valued FinTech company, and most valuable unicorn company, with a target valuation of US$280 billion. Ant Group owns China’s largest digital payment platform, Alipay which serves over 1 billion users and 80 million merchants, with total payment volume (TPV) transaction reaching RMB118 trillion in June 2020.

(With inputs from IANS)

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