- The company expects to raise $ 34.5 billion.
- Alibaba’s fintech would achieve a value of 310 billion dollars.
Ant Group , a fintech company, a subsidiary of Alibaba , plans to raise more than $ 34 billion jointly on its listing on the Shanghai and Hong Kong stock exchanges. This fact would make it the largest public offering for sale in history.
“This is the first time that the price of such a large list, the largest in human history, has been determined outside of New York City,” said Alibaba founder Jack Ma, according to The Washington. Post.
The company expects to raise 34.5 billion dollars, and if this goes through, its IPO would exceed the public offer for the sale of Saudi Arabia’s state oil company, Saudi Aramco, which was 29.4 billion dollars.
Likewise, Alibaba’s fintech would achieve a value of 310 billion dollars. Ant Group was founded in 2014 and is the financial arm of the e-commerce company, within its functions is to facilitate loans to consumers and small companies that do not qualify for funds from the largest banks in China.
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