Investing.com – Fintech company Ant Group, owned by billionaire Jack Ma, received preliminary approval from the exchange for an initial public offering (IPO) of its shares on the domestic market, bringing it closer to its dual-listing target, according to the Shanghai Stock Exchange on Friday. could become a record and bring up to $ 30 billion, writes Reuters.
At the moment, the record is the IPO of Saudi Aramco, which raised a total of $ 29.4 billion. Prior to it, the largest was the public offering of the Chinese e-commerce giant Alibaba, also owned by Jack Ma, which raised $ 25 billion during its IPO in 2014.
A dual listing simultaneously on the Shanghai mainland China exchange and the Hong Kong exchange may take place as early as October, with support from Alibaba. With the approval of the Shanghai Stock Exchange, the company plans to apply for a listing in Hong Kong next week.
So far, no comments have been received from Ant Group itself or from the Hong Kong Stock Exchange, clarifying the details of the deal and the schedule. According to the rules in force in China, after a hearing in the listing committee, the company can register the share offering and wait for registration confirmation, after which the price consultation process will begin.
Potential investors have already shown interest in the company: the Singaporean state-owned company Temasek Holdings, the sovereign fund GIC Pte Ltd, and the sovereign fund of Saudi Arabia PIF.
In preparation, materials from Reuters were used