China’s Ant takes another step towards $35 billion IPO

Platform News: Ant Financial

Ant Group submitted records to the securities regulator for registration of the Shanghai portion of its IPO, the city’s bourse has said, moving a step closer to a planned dual-listing anticipated to be worth roughly $35 billion.

The FinTech business, backed by China’s largest e-commerce company Alibaba Group, intends to list simultaneously on Shanghai’s Nasdaq-style STAR Market and in Hong Kong, in what resources have said could be the world’s largest IPO and come as soon as October.

The Shanghai Stock Exchange approved the record plan a week.

The company is trying to raise about $35 billion in the IPO after analysing early investor interest and according to a greater valuation of roughly $250 billion or more, two sources with direct knowledge about the matter told journalists at our partner news agency Reuters.

Ant declined to comment.

Separately, five Chinese asset managers said in their respective statements they would start increasing up to 60 billion yuan (approximately $8.83 billion) united from Friday for mutual funds that would participate in Ant’s IPO as strategic investors.

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The fundraising interval is fourteen days, and every fund, using a lock-in period of 18 months, aims to raise up to 12 billion yuan.

The money managers behind the capital are China Asset Management Co (ChinaAMC), E Fund Management Co, Penghua Fund Management Co, China Universal Asset Management Co and Zhong Ou Asset Management Co.

Ant stated in its updated prospectus published late on Tuesday that many existing mutual fund products will even take part in its own IPO share placement as strategic investors.

The team at Platform Executive hope you have enjoyed this news article. Initial reporting via our official content partners at Thomson Reuters. Reporting by Jonathan Landay. Editing by Steve Orlofsky.

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