You are here

Ant IPO pricing was determined on Friday, Alibaba founder Jack Ma says

nz_antgrp_241088.jpg
Pricing for Chinese fintech giant Ant Group's giant dual-listing was determined on Friday night, Alibaba founder Jack Ma said on Saturday.

[SHANGHAI] Pricing for Chinese fintech giant Ant Group's giant dual-listing was determined on Friday night, Alibaba founder Jack Ma said on Saturday.

It is the first time pricing of the initial public offering, which sources have said could be a world record US$35 billion, has been determined outside New York, he told the Bund Summit in the eastern financial hub of Shanghai.

Backed by Chinese e-commerce giant Alibaba, Ant plans to list simultaneously in Hong Kong and on Shanghai's Star Market in the coming weeks.

The listing could be the world's largest initial public offering (IPO), surpassing the record set by Saudi Aramco's US$29.4 billion float last December. The IPO would also be the first simultaneous listing in Hong Kong and on the year-old Star Market in Shanghai.

Ant was set to conduct price consultations for the Shanghai offering on Oct 23 and will set the price on Oct 26, according to its updated prospectus filed with the local exchange.

Your feedback is important to us

Tell us what you think. Email us at btuserfeedback@sph.com.sg

For the Hong Kong leg, Ant plans to open order books next week. Its shares are likely to start trading a few days after the Nov 3 US presidential election, sources have said.

Mr Ma said the global financial system is outdated, adding that current regulations were slowing down innovation. He called for setting up a new, inclusive and universal financial system that benefits small companies and individuals and drive future growth.

REUTERS

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes