Ant Group, the financial services company of Chinese internet giant Alibaba, is reportedly aiming for at least $ 35 billion in revenue from its simultaneous IPO in Hong Kong and Shanghai. This would make it the biggest public offering ever.
The record is currently held by the Saudi oil company Saudi Aramco at 29 billion US dollars. Ant plans to use the proceeds from the stock sale to grow his business and fund research and development.
Among other things, Ant owns the payment service Alipay, the Chinese counterpart and a much larger variant of PayPal. Alibaba has a 33 percent stake in Ant. Both companies come from billionaire Jack Ma.
The valuation for the entire company is now roughly $ 250 billion. According to an earlier estimate, that was $ 225 billion. This means the company is now worth greater than financial firm Bank of America and is even twice the size of Citigroup. In terms of market value, only JPMorgan is larger among US financial institutions.