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Jack Ma's Ant Group set to raise $34bn in world's largest IPO

Following its announcement earlier this year, the Ant group listed its shares on Monday 26th with hopes to raise $34bn which might just be the largest share sales in history.

Ant group, the company behind china’s largest online payment platform priced its dual listing on the Hong Kong Stock Exchange at 80 Hong Kong Dollars ($10.32) and Shanghai’s Star Market at 68.8 Yuan ($10.26) according to regulatory filling released on Monday.

Based on this, the initial offering is set to raise $34.4bn and value the company at more than $310bn. This surpasses the record of the largest IPO held by Saudi Aramco (Saudi Arabia Oil Co) in its listing of $29.4bn last December. It also surpasses that of its sister company, the Chinese e-commerce giant Alibaba which raised $25bn when its shares started trading on the New York Stock Exchange in 2014.

Jack Ma, the billionaire founder of Ant and Alibaba said it was a miracle that such a large listing is taking place outside New York. He currently has an 8.8 percent stake in the company and is to gain $27.4b from the IPO according to Bloomberg News which will push his net worth to $71.6bn ranking him the 11th richest on the Bloomberg list.

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