Alibaba’s Ant Group files for IPO in Hong Kong

Alibaba’s Ant Group, formerly known as Alipay, announced on Tuesday that it would file for an Initial Public Offering (IPO).

The financial technology company said that it would have a dual listing in Hong Kong and on Shanghai’s Nasdaq style STAR Market.

The Ant Group stated that the listing could raise as much as $30 billion and become the world’s largest IPO ever.

According to its Shanghai exchange filing, the Hangzhou-based company would issue no less than 10% in new shares of its total capital.

“The innovative measures implemented by SSE STAR market and the SEHK have opened the doors for global investors to access leading-edge technology companies from the most dynamic economies in the world and for those companies to have greater access to the capital markets,” Ant Group’s Executive Chairman Eric Jing stated last month.

“Becoming a public company will enhance transparency to our stakeholders, including customers, business partners, employees, shareholders and regulators. Through our commitment to serving the under-served, we make it possible for the whole of society to share our growth,” he added.

The Ant Group generated ¥72.5 billion ($10.5 billion) worth of revenue in the first half of 2020.