Financial Times reported that Ant Financial is planning to raise $5 billion in a new funding round.
This would increase Ant Financial’s market value to more than $100 billion, setting a benchmark for its much anticipated IPO. Ant Financial was valued at $60 billion during its previous round of fundraising in 2016.
Insiders speculate that this round of fundraising may be initiated as early as this month.
Ant Financial may be publicly listed in two cities: New York or Hong Kong, and Shanghai.
Reuters was the first to report last week that Ant Financial could raise up to $5 billion by issuing new shares and increase its valuation to $100 billion or more.
If Ant Financial reaches their fundraising target, they will surpass Uber as the world’s largest unicorn company.
Earlier this month, Alibaba announced a blockbuster deal to purchase 33 percent of Ant Financial shares. This deal is in line with their 2014 agreement, and is not dependent upon whether Ant Financial goes public. Ant Financial said there is no set schedule for an IPO.