Jack Ma’s Ant Group raises its funding target to $35 billion, likely making it the largest IPO ever

Jack Ma’s Ant Group raises its funding target to $35 billion, likely making it the largest IPO ever

Thomson Reuters

Jack Ma's Ant Group seeks to raise its funding target to $35 billion through its initial-public-offering, according to Bloomberg.Ant, which is Alibaba's fintech arm and China's dominant mobile-payments service, has raised its valuation to $250 billion from $225 billion. Previously, the company expected to raise $30 billion.When Ant goes public, its listing will likely be larger even than Saudi Aramco's record-shattering $25.6 billion IPO late last year.Visit Business Insider's homepage for more stories.

Billionaire Jack Ma's Ant Group is seeking to lift its funding target to $35 billion through its IPO, after considering early investor interest, Bloomberg said.

The Alibaba affiliate's new target is based on an expanded valuation of $250 billion, revised from a previous estimate of $225 billion which could have raised $30 billion, Bloomberg said, citing sources.

Mobile-payment company