This means that the IPO will raise over 34.1 billion dollars and will value the company at about 310 billion dollars. The previous stock market record was held by Saudi state oil company Aramco, which raised $ 29.4 billion in an offer on the Riyadh exchange last December.
The listing is a victory for China, which encourages the country̵
Ant divides the IPO evenly between Hong Kong and Shanghai, selling 1.67 billion shares on each stock exchange. The shares that will be issued are equivalent to about 11% of the company.
Ant is one of the largest technology companies in the world and the largest online payment platform in China. The app has established its presence in every aspect of financial life in China, from investment accounts and micro-savings products to insurance, credit scores and even dating profiles.
Alipay’s payment app has had 731 million active users a month since September, Ant said in regulatory statements. The platform processed payments of 118 trillion yuan ($ 17.7 trillion) in the 12 months to June.
The company said revenue for the nine months ended September rose about 43 percent to 118.2 billion yuan ($ 17.7 billion) from the same period last year. Gross profit for the period increased by 74% to 69.5 billion yuan ($ 10.4 billion).