Ant Group takes the stage in world’s biggest IPO

Ant Group is poised to hit Asian exchanges in what’s set to be the world’s biggest IPO.

Reuters estimates the fintech’s initial public offering (IPO) will bring in US$35 billion (around A$49.16 billion) — clinching oil giant Saudi Aramco’s US$29.4 billion 2019 listing.

Ant Group, which is backed by eCommerce giant Alibaba, will list on two exchanges in the coming weeks.

The world’s largest fintech will hit the Hong Kong Exchange and Shanghai’s Stock Exchange Science and Technology Innovation (STAR) Board, which is just 15 months old.

Speaking on the listing, Alibaba founder Jack Ma told attendees at Shanghai’s Bund Summit — a symposium for bankers and regulators — that Ant’s listing was one for the history books.

“It’s the first time that the pricing of a big tech company has been decided outside of New York, which was beyond our imagination three years ago,” the business magnate stated.

“But it just happened. The changes happening in our world are miraculous,” he exclaimed.

Ant Group is already a powerhouse in the world’s east: it operates Alipay, one of China’s largest payment platforms. The fintech also manages a suite of financial services, including personal credit rating tool, Zhima Credit.

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Source: Ant Group takes the stage in world’s biggest IPO – The Market Herald