Ant, which made about $1.3 billion in profit in the March quarter, is Alibaba Group Holding Ltd. founder Ma’s prized asset
Billionaire Jack Ma’s Ant Group plans to file for dual listings in Hong Kong and Shanghai in the next few weeks, targeting a valuation of about $225 billion, people familiar with the matter said, in an effort to pull off the world’s largest initial public offering.
The share sales could raise about $30 billion in total if markets are favorable, said one of the people, requesting not to be named because the matter is private. The Hangzhou-based firm seeks to float its shares simultaneously on the Hong Kong stock exchange and the tech-focused Star board in Shanghai as soon as October, the people said.
Ant, which made about $1.3 billion in profit in the March quarter, is Alibaba Group Holding Ltd.
First Published: Aug 21 2020 | 09:43 AM IST