China's financial technology giant Ant Group is set to raise around $34 billion listing its shares in Hong Kong and Shanghai stock exchanges.
Ant Group, the parent company of popular Alipay mobile payment app has priced its shares at $10.30 apiece for the IPO (initial public offering), as per its documents released on Monday by stock exchanges of the two cities.
Based on the pricing, the company is would be worth around $310 billion, which is higher than many major banks like JP Morgan and worth more than the gross domestic products (GDP) of Egypt, Chile or Finland.
The IPO is set to beat the record of Saudi Aramco, the current record holder of the largest IPO at $29 billion, which went public last year. Billionaire Jack Ma's Ant Group's total money raised is expected to jump another $5.2 billion once bankers sell additional shares to meet demand in what's known as the greenshoe option.
The IPO also beats its sister company, the e-commerce giant Alibaba, which raised $25 billion at its listing on the NYSE in 2014.
Expected to see robust demand
Ant's IPO was expected to attract investors from all over the world and has already overloaded with demand for equity. Institutional investors have placed orders for 76 billion shares, more than 284 times the issue offer, according to Shanghai's data.
A Bloomberg report said that Ant is planning to stop taking investor orders for the Hong Kong leg a day earlier than scheduled as the share sale has already been heavily subscribed.