Last Updated : Oct 27, 2020 07:07 PM IST | Source: Moneycontrol.com

Ant Group IPO | Here are 6 things to know about Jack Ma's massive stock market debut

Ant Group's listing is expected to be larger than oil giant Saudi Aramco's $29 billion IPO in 2019, which holds the current record. The shares are expected to start trading in Hong Kong and Shanghai on November 5.

Alibaba-affiliate Ant Group is prepared for a massive $34 billion initial public offering (IPO) when its shares will begin trading in a dual listing in Shanghai and Hong Kong.

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 owns online payments system Alipay, which has over 1.3 billion users across China.

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Here are some more facts about the IPO:

> According to Bloomberg, the IPO would make Alibaba co-founder Jack Ma the world’s 11th richest person. With an 8.8 percent stake, Ma is Ant Group’s biggest individual shareholder.

> The company will list 1.67 billion new shares each in Shanghai and Hong Kong. Ant's Shanghai shares have been priced at 68.8 yuan ($10.27) per share and HK$80 ($10.32) per share.

> The issuance of shares will be split between Shanghai’s STAR Market and Hong Kong Stock Exchange, making it the first such stock market debut.

> Media reports estimate that after Ant Group goes public, it might be valued between $310 and $313 billion. This would make it bigger than some  banks in the United States, such as Goldman Sachs, JPMorgan and Wells Fargo.

> The shares are expected to start trading in Hong Kong and Shanghai on November 5.

> The book-building for the Hong Kong listing will be open from October 26-30, while books for the Shanghai shares will run on October 29.
First Published on Oct 27, 2020 02:39 pm
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