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.
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.