Jack Ma’s Ant Group revealed it earned RMB 18 billion ($2.6 billion) in net profit last year as it filed documents for an initial public offering that may raise a record $30 billion, reported the Financial Times.
The Chinese payments company has said it wants to sell at least 10% of its shares in a dual offering in Hong Kong and Shanghai, and an FT source close to the process suggested it was considering selling as much as 15% at a valuation of between $200 billion to $300 billion. A second person suggested the valuation would be closer to $200 billion to $250 billion.
That could see it exceed the $29.4 billion raised in an IPO by Saudi Aram last year. Two sources with direct knowledge of the situation said Ant would meet investors in the coming days to determine the exact pricing and size of the offering. The company said it would put 40% of capital raised in the IPO towards research and development, 30% to expand its user base and product offerings and 10% into building its international business.