Jack Ma's Ant Group files for IPO, which could reportedly be the biggest ever

Costfoto/Barcroft Media via Getty ImagesAnt Financial logo on the headquarters of Ant Technology Group. Hangzhou, Zhejiang Province, China, June 22, 2020.
  • Jack Ma’s Ant Group filed for an initial public offering in Hong Kong and Shanghai on Tuesday, aiming to speed up its move into the financial services industry.
  • The company is targeting a $US225 billion valuation and could raise as much as $US30 billion in the deal if demand holds up, people familiar with the matter told Bloomberg.
  • Such an IPO would beat Saudi Aramco’s record debut. The oil giant raised $US29 billion during its December offering at a historic $US1.7 trillion valuation.
  • Visit the Business Insider homepage for more stories.

Billionaire Jack Ma’s Ant Group plans to go public, and proceeds from the event could surpass Saudi Aramco’s record $US29 billion windfall, Bloomberg reported on Tuesday.

The Alibaba affiliate filed for an initial public offering in Hong Kong and Shanghai on Tuesday to fund the growth of its financial services business. Ant aims to issue 10% in new shares of its total capital, according to the filing.

The company is targeting a valuation of about $US225 billion, Bloomberg reported. Doing so could raise roughly $US30 billion if market demand holds up, according to the report.

Read more:
Morgan Stanley breaks down 3 reasons stocks could be headed for a short-term correction as the market gets dragged higher by a few big winners

Such a debut would edge out Saudi Aramco’s IPO proceeds from 2019. The oil giant sold 3 billion shares in early December at a $US1.7 trillion valuation. While the $US29 billion in funds raised set a record, some experts view the milestone as questionable due to the Saudi government’s involvement in the deal.

Ant plans to speed up its formation of an online marketplace for everything from household goods to loans. The company most recently began pushing into the financial industry, leveraging data from its Alipay app to offer customers robo-advising and banking services.

Ant brought in 72.5 billion yuan ($US10.5 billion) in revenue through the first half of 2020, and notched a profit of 21.2 billion yuan ($US3.1 billion).

Now read more markets coverage from Markets Insider and Business Insider:

US investing champion David Ryan famously garnered a compounded return of 1,379% in just 3 years. Here is the 11-part criteria he uses to find the next big winner.

Apple still not as expensive as rivals even with $US2 trillion market cap, Morgan Stanley says

80% of economists see a chance of a double-dip recession, survey finds

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.