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Business Insight | Ant Group set to surpass Saudi Aramco in record $34 billion IPO

The listing is expected to be larger than oil giant Saudi Aramco's $29 billion IPO in 2019

October 27, 2020 / 09:17 PM IST

Chinese fintech giant Ant Group, spearheaded by Jack Ma, is preparing for a massive $34 billion initial public offering (IPO). Its shares will be listed on both the Shanghai and Hong Kong exchanges.

The listing is expected to be larger than oil giant Saudi Aramco's $29 billion IPO in 2019, which holds the current record.

Ant Group has been valued $313.37 billion, making it larger than some of the biggest banks in the US, which includes Goldman Sachs and Wells Fargo.

In this edition of Business Insight, we find out more on the biggest listing of all time.