Jack Ma breaks the record for the biggest IPO in history with Ant Group. Ant Group is also crowned as the biggest technology firm in the world. Following the company’s success, Ant’s payment app, Alipay, has not shown any sign of weakening and has instead been showing significant growth every month.
Dual listing in Hong Kong and Shanghai, Ant Group beats Aramco’s IPO record
Quoted from CNN, Ant Group has priced its dual listings on two places: the Hong Kong Stock Exchange and Shanghai’s Star Market. Respectively, the company values 80 Hong Kong dollars ($10.32) and 68 yuan ($10.13) per share. The IPO will further split evenly between Hong Kong and Shanghai, resulting in 1.67 billion shares on each exchange. Accordingly, the digit equals to more or less 11% of the company.
With the record, Ant Group is expected to raise over $34.1 billion through IPO. Ant Group’s worth might also skyrocket to around $310 billion. The figure beats Aramco’s previous record at $29.4 billion in an offering happening last December on the Riyadh exchange. Ant Group successfully takes over the crown for the biggest stock market listing from Aramco.
Ant Group’s Alipay shows constant growth, becomes the biggest technology firm in the world
Jack Ma’s Ant Group is affiliated to the Chinese e-commerce group Alibaba. The e-commerce group also previously set a world record from its New York Stock Exchange debut in 2014. Accordingly, Alibaba’s payment app, Alipay, is currently the most sought after online payment service in China. Its multipurpose app is useful for a lot of transactions from investment, micro saving, insurance, credit scores, and even dating profiles.
Noted from CNN, Alipay recorded over 700 million monthly active users as of September. In total, the payment app dealt with 118 trillion yuan ($17.7 trillion) in the payments from June last year to the concurrent year. Alipay’s success has brought Ant as one of the biggest technology firms, not only in China but in the world.
CNN quoted that the company revenue from the nine months period ending in September surged 43% to 118.2 yuan ($17.7 billion) compared to the same stretch last year. The corporate also reported a 74% jump in gross profit from the same period to 69.5 billion yuan ($10.4 billion).
Read also: China Leads the Worldwide Economic Recovery
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