Jack Ma’s Ant Group Files Largest IPO in History

Ant Group, the financial affiliate of China’s e-commerce giant Alibaba, has filed the largest ever Initial Public Offering in history. Ant Group has filed an IPO in Shanghai and Hong Kong.

Ant Group, which is presently managed by Alibaba co-founder Jack Ma, is looking for a valuation of around two hundred and twenty six billion USD, based on a target raise of approximately thirty billion USD, individuals acquainted with the development told Bloomberg.

As per the reports, the aforementioned IPO could become the biggest IPO in history, possibly outdoing the record set by Saudi Aramco, the Saudi Arabian multinational oil and gas giant, which raised around 29.4 Billion USD earlier this year. As per Bloomberg data, the target valuation would be approximately equal to the market cap of the US banking giant Bank of America and would be more than double the magnitude of Citigroup.

As per Bloomberg, Ant Group’s Hong Kong offering would be directed by key organizations including China International Capital Corp, JPMorgan, Citigroup, and Morgan Stanley.

Ant Group is purportedly planning to use the Initial Public Offering earnings to augment cross-border payments apart from boosting its R&D competences.