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October 27, 2020

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Ant’s biggest IPO to raise US$34b in dual listing

ANT Group Co Ltd yesterday set terms for its dual-listing where the Chinese financial technology giant aims to raise up to US$34.4 billion in the world’s largest market debut, as investors scramble for a piece of the fast-growing company.

Ant, backed by e-commerce group Alibaba, is aiming to raise about US$17.2 billion in Shanghai and roughly the same amount in Hong Kong this week, Ant said in filings to the stock exchanges late yesterday.

Ant set the price tag for the Shanghai leg of its dual-listing at 68.8 yuan (US$10.27) per share, while the price was set at HK$80 (US$10.32) per share for the Hong Kong tranche, the exchange filings showed.

The deal would value Ant as a whole at more than US$313 billion, before a 15 percent greenshoe or over-allotment option is exercised. At that valuation, Ant is worth more than Industrial and Commercial Bank of China, the No. 1 bank by assets globally.

Ant has included more than two dozen commercial banks, top insurers and sovereign wealth funds as strategic investors, such as Singapore state investor Temasek Holding, as well as Singaporean and Abu Dhabi sovereign wealth funds GIC, Abu Dhabi Investment Authority and Canada Pension Plan Investment Board. It has earmarked 80 percent of its Shanghai offering to 29 strategic investors that will be locked up for at least one year and will also include a wholly owned unit Alibaba and China’s National Council for Social Security Fund.

The bookbuilding for the Hong Kong leg will run from Monday to Friday, while books of its Shanghai leg will open for one day on Thursday.


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