Ant Group is Set to Raise $34B in World’s Biggest IPO

Ant Group is set to raise about $34 billion as shares are planning to trade in both Hong Kong and Shanghai next month, marking the most massive IPO in the world.

Breaking the record of $24.9 billion held by Saudi Arabia’s state-run oil tycoon Saudi Aramco, the fintech giant priced the shares at approximately $10.30 apiece. The company has also exceeded its parent company in the total amount, which raised as much as $25 billion when it went public on the New York Stock Exchange (NYSE) back in 2014.

The Hangzhou-based fintech mammoth earlier said in its updated prospectus that it would equally split the stock issuance in Shanghai and Hong Kong and issue 1.67 billion news shares in each of the two places.

It would be priced at 68.8 yuan per share in the STAR Market, raising 114.94 billion yuan ($17.23 billion) while priced at HK$80 each in Hong Kong, raising HK$113.65 billion ($17.24 billion.)

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Ant Group’s dual-listing would raise under $34.5 billion and would possibly go even higher if the over-allotment option is carried out.

Last week, regulators in both mainland China and Hong Kong gave the final nod for the record-smashing IPO. And according to the official document, Ant is set to start trading in Hong Kong on Nov. 5 while it has not yet disclosed the date when shares will begin trading in Shanghai.