HONG KONG: The domestic retail book of Ant Group Co Ltd's US$34.4 billion dual listing was 872 times oversubscribed as individual investors in China scrambled for a slice of the world's largest initial public offering , a company filing showed.
Ant is poised to raise about US$17.2 billion on Shanghai's STAR Market and roughly the same in Hong Kong, shattering the record set by Saudi Arabian Oil Co with its US$29.4 billion listing last December.Investors are rushing to buy into the fast-growing Chinese fintech firm, which operates the country's biggest payments platform and other financial services, despite risks of greater scrutiny at home and abroad.Hangzhou-based Ant, backed by e-commerce behemoth Alibaba , is selling 1.
The company which on Monday set the price of the Shanghai leg at 68.8 yuan per share, was offering 4per cent of the initial shares to mainly retail investors across the country, having earmarked 80per cent of the domestic offering to 29 strategic investors who will be locked up for at least one year.
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