Jack Ma Ant Group IPO: stock price, trading date

Ant Group takes the stage in world’s biggest IPO

Source AP

Ant Group declined to comment on the planned early closure of the Hong Kong institutional book, which is part of its world record initial public offering (IPO).

The order book was oversubscribed one hour after the launch on Monday, two people with direct knowledge of the matter said.

A total of 1.67 billion new Ant shares are priced at RMB 68.80 (USD 10.25) and HKD 80 (USD 10.32) on the two bourses.

The Hong Kong dollar is pegged in a narrow range of 7.75-7.85 to the USA dollar.

Speaking of which, the IPO is (naturally) gaining heavy traction from some of the biggest money managers all around the globe.

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Reuters estimates the fintech's initial public offering (IPO) will bring in US$35 billion (around A$49.16 billion) - clinching oil giant Saudi Aramco's US$29.4 billion 2019 listing.

T. Rowe Price Group Inc., UBS Asset Management and FMR LLC, the parent of Fidelity Investments, are among the money managers angling for a piece of the deal, a person familiar with the matter has said.

This would break the previous record set by Saudi Aramco's IPO a year ago at $29 billion and set Ant's valuation at about $312 billion - 31.4 and 24.2 times the firm's 2021 and 2022 earnings forecast, according to a "Reuters" report citing unnamed sources. Almost 1.7 billion shares were made public for both the Chinese mainland and its Hong Kong market, at a price of 68.8 yuan, or 80 Hong Kong dollars per share.

The group could raise up to a maximum of US$5.2 billion more if the flotation proves popular and underwriters exercise an option to purchase up to 15% more shares. That's according to data compiled by Bloomberg based on the trading start date.

The fintech giant is charging ahead with its landmark offering just days ahead of the US election. Trading in Hong Kong is expected to begin on November 5.

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Alibaba, whose cofounder Jack Ma is the actual controlling shareholder of Ant Group, will be the largest strategic investor in the fintech group's Shanghai IPO through its wholly owned subsidiary Zhejiang Tmall Technology Co. Ltd. "The Basel Accords are like an old people's club. we can't use yesterday's methods to regulate the future", Ma reportedly said, referring to the set of banking regulations used to oversee financial institutions across the globe.

The IPO promises a lucrative pay-day for some of the world's biggest investment banks.

In the first nine months of this year, the number of its active Alipay users rose 711 million in June to 731 million in September.

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