Jack Ma’s Ant Set to Raise $35 Billion in Biggest-Ever IPO

Fintech company plans to list on Nov. 5 in Hong Kong
Ant Group will raise $17.2 billion in Shanghai leg of sale

Jack Ma Poised to Be 11th Richest Person With Ant IPO(Source: Bloomberg)

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By Lulu Yilun Chen

October 26, 2020 at 7:36 AM EDT

Updated on

October 26, 2020 at 10:09 PM EDT

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Jack Ma’s Ant Group Co. is set to raise about $34.5 billion through initial public offerings in Shanghai and Hong Kong, a blockbuster listing that will rank as the biggest IPO ever and make it one of the most valuable finance firms on the planet.

Demand has been so high the company plans to stop taking investor orders for the Hong Kong leg a day earlier than scheduled as the share sale has already been heavily subscribed, according to people familiar with the matter.