Banks working on Ant Group's Hong Kong IPO could get $396 million windfall

The banks working on the Hong Kong leg of Ant Group’s record-breaking initial public offering are looking at a windfall of as much as $396 million, although in percentage terms it is less than the city’s average for big deals.

Ant is set to raise as much as $19.8 billion in Hong Kong if it fully exercises an over-allotment option. The fintech giant disclosed in a filing that it will pay an underwriting commission of as much as 1 per cent of the total deal size, or $198 million. That’s below the average 1.45 per cent paid by companies raising over