Ant Group the fintech affiliate of e-commerce giant Alibaba Group Holding Ltd., set its Shanghai offering price at RMB 68.8 ($10.30) a share as the company prepares for the world’s largest initial public offering (IPO) in Shanghai and Hong Kong, reported Caixin.
The company priced its dual listing on the Hong Kong Stock Exchange at HK$80 ($10.32) a share, about the same as the price on Shanghai’s STAR Market, according to regulatory filings released Monday. The concurrent share sale will raise $39.41 billion after oversubscription, surpassing Saudi Aramco’s record $29.4 billion offering around the beginning of this year, according to Caixin.
“It was the first time such a big listing — the largest in human history — was priced outside New York City,” said Jack Ma, an Alibaba cofounder and controlling shareholder of Ant Group, at the Bund Summit Saturday in Shanghai.
The pricing gives Ant Group a market valuation of around RMB 2.1 trillion ($314.5 billion), which will account for about 40% of the total value of listings on Shanghai’s Nasdaq-style high-tech board after the offering.
