Jack Ma’s Ant Financial files for what could be the biggest IPO ever

Chinese tech powerhouse Ant Financial has filed for what could be the biggest initial public offering ever, which could see the company raise $30bn.

The Alibaba-affiliated company founded by Jack Ma has said it will go public and sell shares in Hong Kong and Shanghai.

The company was launched in 2004 and has since become the dominant mobile payment company in China, with over 700 million people and 80 million businesses using the service to pay bills and buy insurance each month, according to the BBC.

Analysts expect the company to be worth roughly $300bn, even thought Ant did not disclose its own valuation.

Ant is expected to sell stakes equating to between 10% and 15% of its total value, which could make the IPO the biggest one ever.

The filings at the Shanghai Stock Exchange’s Star board and the Stock Exchange of Hong Kong show Ant’s revenues reached about $10.5bn in the first six months of 2020 year. Comparatively, its revenues for the entirety of 2019 totalled about $17bn.

Copyright © 2020 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.