Alibaba fintech arm eyes record IPO
Wednesday, 09 30 2020, Category: Technology, Country: World
The financial arm of Chinese e-commerce titan Alibaba is planning the biggest IPO in history, raising as much as $35 billion in a joint listing in Hong Kong and Shanghai, a report said Thursday.
And in a sign of Ant Group's confidence in the share sale, it will not seek cornerstone investors -- large institutions that agree to hold the stock for an extended time to provide confidence and stability in new listings.
The company is looking to raise the cash -- which would be far higher than the $29 billion chalked up by Saudi Aramco in December -- in a split float between the two Chinese cities, said Bloomberg News, citing unnamed sources. The plan values Ant Group at about $250 billion, it added.
The company runs Alipay, one of the two dominant online payment systems in China, where cash, cheques and credit cards have long been eclipsed by e-payment devices and apps.