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Jack Ma's Ant Group aims to raise $34.5 billion in largest IPO of all time

Added 10-26-20 09:14:02am EST - “The company aims to evenly split its 1.67 billion-share debut across the Hong Kong and Shanghai exchanges and begin trading publicly on November 5.” - Businessinsider.com

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Posted By TheNewsCommenter: From Businessinsider.com: “Jack Ma's Ant Group aims to raise $34.5 billion in largest IPO of all time”. Below is an excerpt from the article.

Ant Group plans to raise $34.5 billion in a dual initial public offering next month, edging out Saudi Aramco's debut to become the largest listing of all time. 

The financial services company — an arm of billionaire Jack Ma's Alibaba empire — will evenly split its offering, selling 1.67 billion shares each in debuts in Shanghai and Hong Kong. Shares listed on the Shanghai exchange will be priced at 68.8 yuan ($10.27) each, according to regulatory filings published Monday. The pricing implies a 114.9 billion yuan ($17.2 billion) windfall from the listing.

Shares set to trade on the Hong Kong exchange are priced at 80 Hong Kong dollars (10.32) each, setting up the other half of the listing to bring in 133.7 billion Hong Kong dollars ($17.2 billion). In total, the dual listing can value Ant at $313.4 billion should its market debut enjoy strong investor demand.

Read more: BANK OF AMERICA: Buy these 11 under-owned stocks ahead of their earnings reports because they're the most likely candidates to beat expectations in the weeks ahead

Such an IPO would also trounce the record set by Saudi Aramco in 2019. The oil titan raised $29 billion in a share sale that temporarily established it as the world's highest-valued company. 

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