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China’s Alibaba-affiliated Ant Group is trying to break records and raise nearly $35 billion in its initial public offering in Shanghai and Hong Kong, which would make it the largest share offering in history, according to a report in WRAL TechWire.
The Ant Group, which operates Alipay digital wallet, one of the world’s largest money market funds, and a suite of other financial products, is holding dual listings in Shanghai and Hong Kong.
The Ant Group’s Shanghai stock is priced at 68.8 yuan ($10.26) each, and its Hong Kong stock is priced at 80 Hong Kong dollars apiece ($10.32), according to its recent filings.
The company will raise about $34.5 billion from the share offering, which could surpass oil company Saudi Aramco’s $29 billion share sale last year.
Ant Group would be valued at about $280 billion, but if the company exercises its “greenshoe option” allowing it to sell an over-allotment of shares, it could raise another $5.17 billion, taking its valuation to about $320 billion.
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