Ant Group could raise up to $17 billion in Shanghai IPO: Report
By MYBRANDBOOK
Ant Group of China may raise upto $17.3 billion in the Shanghai leg of the likely $35 billion dual listing as some investors have submitted bids in the range of 68-69 yuan per share, as per news source.
The listing of the group which is backed by e-commerce behemoth Alibaba, in both Hong Kong and Shanghai is expected to beat Saudi Aramco's $29.4 billion float last December.
The pricing for the Shanghai tranche of the initial public offering was decided on Friday, Alibaba founder Jack Ma said, without disclosing the price.
"It's the first time that the pricing of such a big listing - the largest in human history - has been determined outside New York City," he told the Bund Summit in the eastern financial hub of Shanghai, referring to Ant's float as a "miracle".
According to the news source, large Chinese fund managers had bid for Ant shares in the listing on the Nasdaq-style STAR Market in Shanghai at close to 69 yuan ($10.32) apiece.
At 69 yuan per share, Ant may raise up to 115.3 billion yuan ($17.3 billion) in the Shanghai tranche.
Under local market rules, the final price for the IPO, which would also be the first dual-listing in Hong Kong and on the year-old STAR, is based on guidance from large investors.
For the Shanghai listing Ant has chosen the stock code 688688, which for Chinese speakers combines two of the luckiest or most auspicious numbers, together symbolizing long-lasting prosperity and good fortune in Chinese culture.
For the Shanghai leg, books will be open for one day on October 29.
Ant has plans to sell around 1.67 billion shares in the Shanghai float. It also aims to split the share sale evenly between Hong Kong and Shanghai, selling up to 11% of its enlarged share capital.
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