Is Chinese e-commerce giant set to eclipse Saudi Aramco’s record IPO?
- Date: 24-Sep-2020
- Source: Arabian Business
- Sector:Economy
- Country:Saudi Arabia
Is Chinese e-commerce giant set to eclipse Saudi Aramco’s record IPO?
The financial arm of Chinese e-commerce titan Alibaba is planning the biggest IPO in history, raising as much as $35 billion in a joint listing in Hong Kong and Shanghai, a report said Thursday.
And in a sign of Ant Group's confidence in the share sale, it will not seek cornerstone investors - large institutions that agree to hold the stock for an extended time to provide confidence and stability in new listings.
The company is looking to raise the cash - which would be far higher than the $29 billion chalked up by Saudi Aramco in December - in a split float between the two Chinese cities, said Bloomberg News, citing unnamed sources. The plan values Ant Group at about $250 billion, it added.
The company runs Alipay, one of the two
Select Sector 
Select Country 
