Ant Group expects to raise $ 34.5 billion on the Shanghai and Hong Kong stock exchanges.
2 min read
- The company expects $ 34.5 billion.
- Alibaba’s fintech would be worth $ 310 billion.
Ant group, a financial technology company, a subsidiary of Alibabaplans to collectively raise more than $ 34 billion if it goes public in Shanghai and Hong Kong. That fact would make it the largest public offer for sale in history.
“It is the first time that the award of such a large list, the largest in human history, has been determined outside of New York City,” said Alibaba founder Jack Ma The Washington Post.
The company expects $ 34.5 billion in procurement. If so, the IPO would exceed the $ 29.4 billion public offer for the sale of Saudi Arabia’s state-owned oil company, Saudi Aramco.
Similarly, Alibaba’s fintech would be worth $ 310 billion. Ant Group was founded in 2014 and is the finance arm of the e-commerce company. Its functions aim to provide loans to consumers and small businesses that are not eligible for funds from the largest banks in China.