Jack Ma’s Ant Group has scored a major win as it is now cleared to list on Shanghai’s stock exchange. The initial public offering is anticipated to be the world’s largest to date. The financial technology firm’s dual listing is estimated to be worth $30 billion.
Ant Group is looking to list on Shanghai’s market along with debuting on Hong Kong Market simultaneously. But the company is still to hear from the Hong Kong stock exchange for this dual listing. The IPO is expected for an October launch. The firm will be looking to reach a $225 billion valuation through this IPO.
The largest IPO launch to date was when Aramco recorded the $29 billion IPO. The $30 billion dual listing will make Ant Group bigger than American Corp. and Citigroup Inc. Temasek Holdings, Singapore’s sovereign wealth fund, and Saudi Arabia’s sovereign wealth fund PIF may invest in Ant Group’s IPO.
Ant Group came out from the Alibaba backed-Alipay payments app and has been growing ever since in the FinTech segment. In the Shanghai stock exchange hearing, Ant Group was questioned about its transactions with the Alibaba Group.
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