October 28, 2020 | Investopaper
Jack Ma’s payment and financial services provider Ant Group, is about to issue the biggest Initial Public Offering (IPO) till date. Ant Group, the founder of Alipay, which operates the world’s largest mobile payment system, is set to raise 34.50 billion dollars through an IPO.
Ant Group’s IPO issue is the largest in world history so far. However, the world’s largest IPO issue is not in the US market, but in the stock markets of China and Hong Kong. It will be listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange.
Out of the total $34.5 billion IPO to be launched by Ant Group, $17.23 billion will be listed in Hong Kong and $17.23 billion in Shanghai. After the share issue, Ant Group will be worth $333 billion, which is bigger than the big US financial brands like JPMorgan Chase and Goldman Sachs. The company will issue the IPO of at $10.30 per share. Jack Ma, who is is currently the 17th richest person in the world, is expected to rise to 11th place after the IPO issue.
About Ant Group & Alipay
Ant Group is another company of Alibaba founder Jack Ma. It operates the digital payment gateway Alipay, the world’s largest mobile payment platform. In 2013, it surpassed PayPal as the world’s largest mobile payment company.
Alipay, which was started by Ant Group in 2004, has more than 1.2 billion customers worldwide. It has been providing financial services to more than 700 million customers monthly. Ant Group is managing $173 billion in asset, $290 billion in consumer loans, $700 billion in online payment services and is providing insurance services under mutual aid and health care plans to 107 million.