China’s Ant Group is poised to raise almost $35 billion next week in what looks set to be a record-breaking initial public offering (IPO). In order to make history, it needs to eclipse Saudi Aram▨co's $29.4 bil✤lion IPO earlier this year.

The fintech company affiliated with e-commerce giant Alibaba Group will go public via a dual-listing in Shanghai and Hong Kong on Nov. 5. In each location, the Hong Kong Stock Exchange and Shanghai's Star Market, 1.67 billion new shares will be issued. This translates to 11% of the company. Ant is expected to have a market value of around $313 billion, as per the share prices chosen.

Reports say investor response has been sensational, and the amount raised could increase by $5.2 billion if a 15% over-allotment or 澳洲幸运5官方开奖结果体彩网:greenshoe option is exercised. According to CNN Business, Ant is closing its Hong Kong institutional book building on Wednesday, a day earlier than scheduled, because of strong demand from global institutional investors. The H💃ong Kong shares were oversubscribed within the first hour of pricing.

Alibaba founder Jack Ma's 8.8% stake in Ant will make him the 11th richest person in the world and solidify his position as the richest man in China with a net worth of $71.1 billion, according to Bloomberg. As of Oct♔. 26, he was in the 17th position globally, having added $14 billion toღ his fortune so far in 2020.

Ant has reportedly raised some $20 billion since 2015, which represents more than a third of VC investment in China-based fintechs over the period, according to PitchBook data. Almost 40% of its revenue⛦ comes from its consumer credit business and 36% from♑ digital payments.