Jack Ma’s Ant Group IPO could be biggest-ever flotation
- Date: 26-Aug-2020
- Source: The Guardian
- Sector:Financial Markets
- Country:Saudi Arabia
Jack Ma’s Ant Group IPO could be biggest-ever flotation
The Chinese billionaire Jack Ma's mobile payments firm has announced plans to float on the Hong Kong and Shanghai stock exchanges in a move that could value the company at $225bn (£169bn).Ant Group could raise as much as $30bn in the flotation, which would make it the world's largest initial public offering, overtaking the $25.6bn raised in the Saudi Aramco IPO in December 2019.In its stock market filing, Ant Group said it would use the funds raised to “further pursue [its] vision to digitalise the service industry”. It did not disclose either the timetable or size of the IPO in its filing, although it has been suggested that the flotation could be in October and that up to 15% of a $200bn-$300bn valuation for the firm would be sought.Jack Ma's