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Ant Group To Raise $17.2 Billion In Shanghai In China's Biggest IPO

Ant is set to raise 114.9 billion yuan ($17.15 billion) from the Shanghai part of its dual-listing, which is set to be the biggest initial public offering (IPO) in China, eclipsing Agricultural Bank of China's $10.1 billion float in 2010

Ant Group Co Ltd on Monday set the price tag for the Shanghai leg of its record-breaking dual-listing at 68.8 yuan ($10.27) per share, the Chinese fintech company said in a stock exchange filing.

Ant is set to raise 114.9 billion yuan ($17.15 billion) from the Shanghai part of its dual-listing, which is set to be the biggest initial public offering (IPO) in China, eclipsing Agricultural Bank of China's $10.1 billion float in 2010, Refinitiv data showed.

Ant, backed by e-commerce group Alibaba, also set the price for the Hong Kong tranche at HK$80 ($10.32) per share on Monday, according to its prospectus filed with the city's stock exchange.

The dual Shanghai/Hong Kong listing, estimated to reach $34 billion, would beat the previous largest IPO, Saudi Aramco's $29.4 billion float last December.

Ant aims to split the share sale evenly between Hong Kong and Shanghai, selling 1.67 billion shares on each exchange, which represents a combined 11% of its enlarged share capital.

(Reuters)


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