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- Jack Ma’s Ant Group filed for an initial public offering in Hong Kong and Shanghai on Tuesday, aiming to speed up its move into the financial services industry.
- The company is targeting a $225 billion valuation and could raise as much as $30 billion in the deal if demand holds up, people familiar with the matter told Bloomberg.
- Such an IPO would beat Saudi Aramco’s record debut. The oil giant raised $29 billion during its December offering at a historic $1.7 trillion valuation.
- Visit the Business Insider homepage for more stories.
Billionaire Jack Ma’s Ant Group plans to go public, and proceeds from the event could surpass Saudi Aramco’s record $29 billion windfall, Bloomberg reported on Tuesday.
The Alibaba affiliate filed for an initial public offering in Hong Kong and Shanghai on Tuesday to fund the growth of its financial services business. Ant aims to issue 10% in new shares of its total capital, according to the filing.
The company is targeting a valuation of about $225 billion, Bloomberg reported. Doing so could raise roughly $30 billion if market demand holds up, according to the report.
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Such a debut would edge out Saudi Aramco’s IPO proceeds from 2019. The oil giant sold 3 billion shares in early December at a $1.7 trillion valuation. While the $29 billion in funds raised set a record, some experts view the milestone as questionable due to the Saudi government’s involvement in the deal.
Ant plans to speed up its formation of an online marketplace for everything from household goods to loans. The company most recently began pushing into the financial industry, leveraging data from its Alipay app to offer customers robo-advising and banking services.
Ant brought in 72.5 billion yuan ($10.5 billion) in revenue through the first half of 2020, and notched a profit of 21.2 billion yuan ($3.1 billion).
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