Ant Group’s initial public offering has prompted a rush among investors to secure a piece of the world’s biggest ever stock sale, helping to push the fundraising total to almost $37 billion, reported the Financial Times.
The Chinese payments group’s dual IPO across Shanghai and Hong Kong has generated huge demand among institutional funds eager to participate in one of the global market’s hottest deals, as well as retail traders willing to take on huge amounts of leverage.
The Shanghai side of the book-build was completed on Thursday. Banks triggered a so-called greenshoe option to increase the offering after retail bids exceeded the value of the shares on sale by more than 870 times, equivalent to RMB 19.1 trillion ($2.8 trillion) — or about equal to the UK’s gross domestic product last year. The expanded deal valued the company at about $316 billion.
The Hong Kong institutional book-build was completed on Wednesday, a day earlier than planned due to bumper demand, according to an FT source.