October 24, 2020

Kup

News Updates Everyday

Alibaba CEO Jack Ma Plans Biggest IPO Ever For …

Alibaba CEO Jack Ma Plans Biggest IPO Ever For ...

The Chinese billionaire Jack Ma wants to bring the Ant Group public within a few weeks, which is said to be the largest IPO of all time. This is what insiders at the financial news agency Bloomberg say. Ma is aiming for a valuation of the Chinese fintech company of around 225 billion US dollars. If so, the IPO would raise roughly $ 30 billion, which would be more than the record of $ 29.4 billion by Saudi state oil company Saudi Aramco.

Ant, a subsidiary of the Chinese online shop giant Alibaba, is likely to be listed twice on the stock exchanges in Hong Kong and Shanghai. Among other things, the company is known for the extremely popular AliPay payment system in China. If Ant gets a valuation of $ 225 billion, it’s worth more than investment banks Goldman Sachs and Morgan Stanley combined.

An Ant Group representative declined to comment on Bloomberg. The Chinese stock exchange watchdog received an application from Ant to be listed on the overseas stock exchange. There are no further details.