An employee walks past the logos of Ant Group and Alibaba Group at the Ant Group office in Hong Kong, on Oct. 23, 2020. HONG KONG -- The world's largest fintech company, China's Ant Group, will try to raise nearly US$35 billion in a massive public offering of stock that would shatter records.
The company will raise about $34.5 billion from the share offering, which is expected to surpass oil company Saudi Aramco's $29 billion share sale last year, making Ant Group's offering the biggest in the world. In 2011, Alipay was spun off from Alibaba into a separate company. It was later renamed Ant Financial, before its recent name change to Ant Group.
Ahead of the IPO, Ant Group would be valued at about $280 billion. If the company exercises its greenshoe option, which would allow it to sell more shares than initially planned, it could raise another $5.17 billion, taking its valuation to about $320 billion. The pricing announcements for Ant Group's dual IPOs also came days after Alibaba founder Jack Ma called the company's offering a "miracle", as it was the first time that such a big listing was priced outside of New York.
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