Ant Group, the financial service provider of the Chinese internet resort, Alibaba, is reported to be aiming for a minimum return of USD 35 billion at its parallel IPO in Hong Kong and Shanghai. That would be the biggest IPO ever.
The record is currently in the hands of the Saudi state oil group Saudi Aramco, with 29 billion dollars. Ant wants to use the proceeds of the share sale to expand its activities and finance research and development.
Ant owns, among other things, the payment service Alipay, the Chinese counterpart and much larger variant of PayPal. Alibaba has a 33% stake in Ant. Both companies come from billionaire Jack Ma’s cooker. The total value of the company has now risen to about 250 billion dollars.
That, on an earlier estimate, was another $ 225 billion. This makes the company more valuable than a Financial Group Bank of America, and even twice the size of Citigroup. Among Us financial institutions, the market value of JPMorgan is only higher in size.