GUANGZHOU, China – The Ant Group will end its institutional book-making process in Hong Kong a day earlier than expected due to strong demand for its record initial public offering (IPO), a person familiar with the matter told CNBC.
The Chinese financial technology giant has double-registered in Shanghai and Hong Kong, issuing an equal number of new shares in each location.
The Ant Group listing will raise just under $ 34.5 billion, making it the largest IPO of all time. The Hong Kong part will raise about 1
Of the shares issued in Hong Kong, 97.5% will go to institutional investors.
According to a source who was not authorized to speak publicly, the book building will close at 5pm Hong Kong time on Wednesday instead of Thursday at 5pm, as expected.
The process of building books is a period during which investors indicate their interest in the IPO and submit the number of shares and the price for which they want to subscribe. If the demand is high, the book may be closed earlier.
Ant Group declined to comment when it contacted CNBC.
Ant Group valued its shares registered in Shanghai at 68.8 yuan each and Hong Kong shares at 80 Hong Kong dollars.
The company’s shares in Hong Kong are expected to start trading on November 5, with the Shanghai part expected at the same time.