Shanghai: Ant Group Co. set the price of its record initial public offering in Shanghai on Friday evening, its billionaire founder Jack Ma said, without disclosing the price.
Ma’s Chinese fintech giant is one of the most hotly anticipated IPOs in years, on course to make history by surpassing Saudi Aramco’s record $29 billion share sale in 2019. He commented on the pricing while speaking at the Second Bund Summit in Shanghai on Saturday.
The company may raise about $35 billion in Hong Kong and Shanghai combined, plus another $5 billion after it exercises so-called greenshoe options, people familiar with the matter have said, adding the numbers are subject to change. That would give Ant a valuation of around $320 billion, making it bigger than JPMorgan Chase & Co.
-With assistance from Zhang Dingmin. -Bloomberg
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