You are here: Home » International » News » Markets
Business Standard

Leading investors in Ant Shanghai IPO submit bids in 68-69 yuan per share

Under local market rules, the final price for the initial public offering, which was decided on Friday but has not been disclosed yet, is based on the guidance from the large investors

Topics
Ant Financial | IPOs | global investors

Reuters  |  Hong Kong/Shanghai 

Ant Group

Some large Chinese fund managers have submitted bids in the range of 68-69 yuan per share for the Shanghai leg of the financial technology giant Ant Group's likely $35 billion dual-listing, people with direct knowledge of the matter said.

Many of them have bid for the Ant shares for the domestic listing at the Nasdaq-style STAR Market in Shanghai at close to 69 yuan ($10.32) apiece, one source said.

Under local market rules, the final price for the initial public offering, which was decided on Friday but has not been disclosed yet, is based on the guidance from the large investors.

The expected $35 billion listing in Hong Kong and Shanghai of Ant, backed by e-commerce behemoth Alibaba, would be the world's largest IPO, beating Saudi Aramco's record $29.4 billion float last December.

The people declined to be named as they were not authorised to speak to the media.

Ant declined to comment.

At 69 yuan per share, Ant can raise up to 115.3 billion yuan ($17.3 billion) in the Shanghai tranche, at a valuation of up to 2.1 trillion yuan, before a 15% greenshoe or over-allotment option is exercised.

Ant plans to sell up to 1.67 billion shares in the Shanghai float which is set to be the biggest IPO in China, eclipsing the record set by Agricultural Bank of China's $10.1 billion Shanghai float in 2010, according to Refinitiv data.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, October 24 2020. 21:11 IST
RECOMMENDED FOR YOU
.