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October 30, 2020

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Investors in mad rush for Ant IPO

The domestic retail book of Ant Group Co’s US$34.4-billion dual listing was 872 times oversubscribed as individual investors in China scrambled for a slice of the world’s largest initial public offering, a company filing showed.

Ant is poised to raise about US$17.2 billion on Shanghai’s STAR Market and roughly the same in Hong Kong, shattering the record set by Saudi Arabian Oil Co with its US$29.4-billion listing last December.

Investors are rushing to buy into the fast-growing Chinese fintech firm, which operates the country’s biggest payments platform and other financial services, despite risks of greater scrutiny at home and abroad.

The oversubcription equates to investment interest of 4 trillion yuan (US$596.76 billion).

Hangzhou-based Ant, backed by e-commerce behemoth Alibaba, is selling 1.67 billion shares on the Nasdaq-style STAR Market before a so-called greenshoe option for a 15 percent over-allotment of shares.


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