HONG KONG/SHANGHAI: China's Ant Group could raise up to US$17.3 billion in the Shanghai leg of the likely US$35 billion dual listing, the world's largest ever, after some large investors submitted bids in the range of 68-69 yuan per share, people with knowledge of the matter said.
"It's the first time that the pricing of such a big listing - the largest in human history - has been determined outside New York City," he told the Bund Summit in the eastern financial hub of Shanghai, referring to Ant's float as a"miracle". At 69 yuan per share, Ant could raise up to 115.3 billion yuan in the Shanghai tranche, valuing the company as a whole at up to 2.1 trillion yuan , before a 15per cent greenshoe or over-allotment option is exercised.Under local market rules, the final price for the IPO, which would also be the first dual-listing in Hong Kong and on the year-old STAR, is based on guidance from large investors.
Strategic investors, whose investments in Ant's STAR IPO will be locked up for at least 12 months, will account for 80per cent of the Shanghai float.
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