Group of ants, The finance company of the Chinese e-commerce giant Alibaba has filed for an IPO in Hong Kong and Shanghai.
Managed by Alibaba Co-Founder Jack Ma, Ant Group is targeting a valuation of approximately $ 226 billion based on an IPO target of nearly $ 30 billionPeople familiar with the matter told Bloomberg on Aug. 25.
As reported The new IPO could become the biggest deal in history, and potentially beat the record for multinational Saudi Arabian oil and gas giant Saudi Aramco, which raised around $ 29.4 billion earlier this year.. According to Bloomberg, the target valuation would match the market capitalization of US banking giant Bank of America and be more than twice the size of Citigroup.
According to Bloomberg, Ant Group’s offering in Hong Kong will be supported by major institutions such as JPMorgan, Morgan Stanley, Citigroup and China International Capital Corp. directed. In Shanghai, the IPO is being led by large local investment banking firms such as China International Capital Corporation and China CSC. Financially, the report says. According to reports, the Ant Group in Shanghai is expected to raise 48 billion yuan, or about $ 7 billion.
Ant Group plans to use the proceeds from the IPO to expand cross-border payments and strengthen its research and development capabilities.
Ant Group, a financial subsidiary of Alibaba, has been closely following developments in the blockchain industry and has been developing its own blockchain solutions since 2015. From July 2020 The Ant Group has launched a new blockchain solution that combines artificial intelligence, the Internet of Things, and a host of other new technologies.. Earlier this year, Ant launched a business-oriented platform known as the “Ant Blockchain Open Alliance”.
According to Bloomberg’s IPO forecast, Alipay’s total transaction volume in June 2020 had reached 118 trillion yuan, or about $ 17 trillion, in the past 12 months. Ant’s Alipay had more than 1 billion users and 711 million monthly active users, according to the report.