On Monday, October 26, it was reported that Ant Group Co, the Chinese financial technology titan, was ready to list its shares on the Shanghai Stock Exchange as part of its initial public offering (IPO). At this stage of its dual IPO, shares listed on the Shanghai exchange will be priced at 68.8 yuan ($10.27) each. According to Refinitiv, Ant Group is expected to raise 114.9 billion yuan ($17.15 billion) from the Shanghai leg of its dual-listing, which is set to be the biggest initial public offering in China. Ant has also set the price for its shares listed on the Hong Kong exchange at 80 Hong Kong dollars ($10.32) per share. Analysts anticipate that Ant Group will raise about $34 billion when its shares start trading in Hong Kong and Shanghai. If this forecast is confirmed, then Ant Group’s IPO will become the largest of all time, surpassing the $29.4 billion raised by the oil giant Saudi Aramco in December 2019.
