Biggest IPO in history? China's Ant could trump Saudi Aramco's $29.4bln

Backed by e-commerce giant Alibaba Group, Ant plans to list simultaneously in Hong Kong and Shanghai

  
An investor observes stock market at an exchange hall on March 29, 2016 in Fuyang, Anhui Province of China.

An investor observes stock market at an exchange hall on March 29, 2016 in Fuyang, Anhui Province of China.

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Chinese financial technology firm Ant Group is expecting a mega IPO of up to $30 billion, which would trump Aramco's $29.4 billion IPO, according to reports, and make it the world’s largest ever.

Backed by  e-commerce giant Alibaba Group, Ant plans to list simultaneously in Hong Kong and Shanghai. Sources have said it could take place as soon as October.

"Goldman Sachs has joined the growing list of investment banks working on Chinese financial technology firm Ant Group’s mammoth initial public offering of up to $30 billion," CNBC reported, citing two people with direct knowledge of the matter.

Based on a valuation of some $200 billion, Ant Group plans to sell 10 percent of its shares in Shanghai and another 5 percent in Hong Kong for a combined $30 billion, Caixin Global reported citing sources.

Ant's biggest and most popular business is Alipay, the largest player in China's 430 trillion yuan ($62 trillion) third-party mobile payments market, according to market researcher Qianzhan.

The huge size of Ant's mega IPO also means that a bevy of investment banks will be involved in it. According to Reuters, Goldman Sachs is the latest to joined the growing list of investment banks working on Ant Group's mammoth IPO.

(Writing by Seban Scaria ; editing by Daniel Luiz)

seban.scaria@refinitiv.com

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