Ant Inching Closer to IPO as Valuation Drops 60%, Bernstein Says
- Fintech giant could pull off IPO as soon as end of this year
- Ant valuation cut to $120 billion after regulatory overhaul
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Ant Group Co. could list its shares by the end of this year though the Chinese fintech giant faces a 60% slash in valuation, according to a report from Sanford C. Bernstein & Co.
The firm controlled by billionaire Jack Ma could be worth about $120 billion upon listing due to slower revenue growth, Bernstein analysts led by Kevin Kwek wrote in a June 17 report. Ant may also have to inject 30 billion yuan ($4.7 billion) to 40 billion yuan of capital into its new consumer finance unit to support credit growth, the analysts said.