The Chinese financial technology giant Ant Group is set to pull off the largest Initial Public Offering (IPO) in history. Ant Group has attracted a record $3 Trillion from individual investors for its dual listing in Hong Kong and Shanghai.
The Shanghai leg of the IPO drew about 19 Trillion Yuan ($2.8 Trillion) of bids, oversubscribed by over 872 times. While in Hong Kong, the retail portion attracted more than HK$1.3 Trillion (US$167.7 Billion) of orders or 389 times the initial offering, the South China Morning Post reported. Bidding was so intense in Hong Kong that one brokerage’s platform briefly shut down.
The dual listing would value Ant at about $313.37 Billion. Ant hopes to raise at least $35 Billion when the share starts trading on November 5.
Ant, an arm of billionaire Jack Ma’s Alibaba empire, will equally split its stock across Shanghai and Hong Kong, issuing 1.67 Billion new shares in each location. The financial technology giant’s Shanghai-listed shares will be priced at 68.8 Yuan each, while the Hong Kong-listed shares have been priced at 80 Hong Kong dollars each.
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