China’s Ant Group has cleared the final hurdle for its $30 billion initial public offering, after receiving approval from Hong Kong’s bourse ahead of what is set to be the world’s biggest-ever stock market debut, reported the Financial Times.
The city’s exchange gave the deal its public stamp of approval on Wednesday, setting off a whirlwind of preparations for the hotly anticipated dual listing in Hong Kong and Shanghai. The deal is expected to top the record $25.6 billion IPO in 2019 of Saudi Aramco, the world’s largest oil company, said the FT.
Shares will be split evenly between the two exchanges, with about 1.67 billion listed on each, together totaling 11% of outstanding shares, according to an updated onshore prospectus released on Wednesday evening in Shanghai. A further overallotment option, a so-called greenshoe, may also be exercised by bankers.