China’s Ant takes another step towards $35b IPO with registration move | The Daily Star
12:00 AM, September 24, 2020 / LAST MODIFIED: 12:00 AM, September 24, 2020

China’s Ant takes another step towards $35b IPO with registration move

China's Ant Group submitted documents to the securities regulator for registration of the Shanghai portion of its IPO, the city's bourse said late on Tuesday, moving a step closer to a planned dual-listing expected to be worth about $35 billion.

The financial technology firm, backed by China's biggest e-commerce company Alibaba Group BABA.N, plans to list simultaneously on Shanghai's Nasdaq-style STAR Market and in Hong Kong, in what sources have said could be the world's largest IPO and come as soon as October.

The Shanghai Stock Exchange approved the listing plan last week. The company is seeking to raise about $35 billion in the IPO after assessing early investor interest and based on a higher valuation of about $250 billion or more.

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