Ant Group IPO Brings in Nearly $ 35 Billion

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Ant Group, the financial services provider of the Chinese internet giant Alibaba, has raised nearly $ 35 billion with its IPOs in Hong Kong and Shanghai.

 

On Monday it was announced for which prices the shares are sold. The company’s valuation is $ 280 billion.

This will make it the largest IPO ever. The previous record was held by the Saudi state oil group Saudi Aramco, with more than $ 29 billion.

Ant wants to use the proceeds from the stock sale to expand his business and fund research and development. Trading in the stock is expected to start early next month.

Ant owns, among other things, the payment service Alipay, the Chinese counterpart and much larger variant of PayPal.

Alibaba has a 33 percent stake in Ant. Both companies come from the sleeve of the Chinese billionaire Jack Ma.

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