Alibaba-affiliated Ant Group To Raise About $34.5 Bln In Largest-Ever IPO

(RTTNews) - Alibaba-affiliated Ant Group will raise about $34.5 billion in its dual public offering, making it the biggest stock market listing in history, according to reports.

The previous record for a listing was held by Saudi Aramco, which raised $29.4 billion last December.

Ant Group priced its dual listing on the Hong Kong Stock Exchange and Shanghai at HK$80 per share and 68.8 yuan per share respectively, the reports said citing regulatory filings.

The reports said that the Chinese financial technology company will raise about $17.2 billion in Shanghai and roughly the same amount in Hong Kong through its initial public offering.

Jack Ma's Alibaba holds 33 percent ownership in Ant Group.

Ant Group's valuation reportedly will be $313 billion based on share pricing once it begins trading in Hong Kong. It is expected on November 5.