Ant Group, the fintech affiliate of Alibaba (NYSE: BABA; HKEX: 9988) and once the most valuable unicorn in the world, has set the share prices for its Shanghai-Hong Kong dual listing, aiming to raise at least USD 34.5 billion from the two markets combined, KrASIA has learned from the company’s filings.
The blockbuster dual public offering’s target is shy of Bloomberg’s previous estimation of USD 35 billion, but the intended sum surpasses Saudi Aramco’s USD 29.5 billion IPO in December 2019, which was the world’s biggest public debut before Ant.
A total of 1.67 billion new Ant shares are priced at RMB 68.80 (USD 10.25) and HKD 80 (USD 10.32) on the two bourses. Trading is expected to begin on November 5.
Furthermore, Ant has disclosed a complete list of its domestic and international heavyweight investors in its filings for the first time. In addition to Alibaba, Ant’s strategic investors include global funds like Temasek, Abu Dhabi Investment Authority, Canada Pension Plan Investment Board, and the Singaporean sovereign wealth fund GIC. Some Chinese insurance companies, banks, and large state-owned enterprises are also on the list.
Notably, China’s National Social Security Fund, which is Ant’s largest institutional strategic investor after Alibaba Group, has poured in an additional USD 1.04 billion for more than 100 million new shares ahead of the IPO, according to the announcement.
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.