Ant Group poised for record $34bn IPO
The parent company of Chinese payments giant Alipay is poised to raise more than $34bn in an initial public offering (IPO) that would shatter records as the biggest in history.
Ant Group, controlled by Alibaba billionaire Jack Ma, set the price of its shares on Monday. They will be sold through a dual listing on Shanghai’s Star Market - officially called the Shanghai Stock Exchange Science and Technology Innovation Board - for Rmb68.80 ($10.26), and in Hong Kong for HK$80 ($10.32) a piece.
The roughly 3.34bn shares on offer account for 11% of Ant’s total outstanding shares, raising around $34.4bn to value the company at about $312bn. The offering is said to be more than 280 times oversubscribed as thousands of institutional funds scrambled to confirm their applications.
The money raised will see Ant take the crown not only as the biggest fintech IPO to date, but the largest ever overall. It will strip oil and energy conglomerate Saudi Aramco of the title after it went public in December 2019, raising $29.4bn.
Ant Group confirmed allocation of Shanghai shares to institutional investors was already complete, and sales to retail investors are expected to close this week. Its Hong Kong book will be open for just one day on 4 November, before trading begins the following day.
Alipay reaches 1bn users
In a Hong Kong Stock Exchange filing application, Ant Group confirmed that more than 1bn people now use its Alipay mobile payment app for everyday purchases at 80 million merchants.
As well as payments, Alipay offers a suite of day-to-day financial services, including access to consumer credit, investment and insurance services for individuals and small businesses. It says that demand for access to these services are “underserved by brick and mortar channels of the financial system” and likens its network to widespread capillaries, where established banking institutions act as the arteries.
As of the end of June 2020, Ant had worked with around 170 partner asset managers, and around 90 insurers, offering AI and digitisation to streamline process and help professionals make data-driven decisions.
The Ultimate FinTech & InsurTech LIVE Event
From October 12th-14th, 2021, BizClik’s FinTech & InsurTech live event will bring together influential executives from around the world. Live from London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future.
With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech live will expand your network, deliver insight, and enhance your organisation’s reach. Events include a forum on financial services, discussions centred on racial equality and women in fintech, and APAC, EMEA, and US-focused sessions that capture insights from around the world.
The event will include:
- Keynote addresses from respected industry leaders
- Dynamic live roundtables (inc. Q&A)
- Fireside discussions
- Inspirational Speakers & Presentations
- Extensive networking opportunities
Scope Out the Agenda
This week, we’ll share our weekend schedule of events, filled with essential industry topics and keynotes replete with knowledge and insight. Here’s a rundown of the three-day schedule:
Kicking off at 10 AM with a welcome message from our CEO Glen White, the first day of FinTech and InsurTech Live won’t pull any punches. We discuss racial equality, inventive financial services, and cloud migration—and that’s just the morning lineup.
Later on, we’ll cover supplier diversity, AI digital transformation, and fintech sustainability, in addition to cloud and digital transformation in global insurance. Don’t worry—we have a networking lunch in-between events! Finally, we’ll close out the day with online banking, women in fintech, and a recap of Day 1.
First we’ll hear from Scott Birch, our expert BizClik Media Editorial Director and facilitator, live from the Fintech Leaders Stage. We then jump into the future of digital payments, unicorns, and digital insurance brokers. Interested in learning more about digital underwriting and digital payment solutions? You’ve come to the right place.
In the afternoon, we’ll touch on CX in insurance, host a forum on financial services, and discuss what the world might look like as a cashless society, plus the future of challenger and neo banks. Wrapping up, we’ll talk tech and AI in insurance, PayTech, and hear from a surprise inspirational speaker. But we’re not done yet.
As is only fitting, BizClik’s CEO, Glen White, will introduce our APAC sessions, highlighting the critical role that Asia will play in the future of fintech and insurance. Following his remarks, we’ll open up the floor for a chat about digital banking, discuss technology in APAC, and hear from Dipu KV in an iconic keynote address.
After a series of thought leaders and networking sessions, we’ll head into an EMEA-focused session, which includes an EMEA technology panel, a CDO keynote, and a Europe enterprise presentation. In fact, this day’s events span the globe. Next up is a USA regional keynote, followed by a US CIO presentation and talks about enterprise.
A final end-of-event farewell will close out the weekend, wrapping up a successful FinTech and InsurTech global event. Can’t miss it. We look forward to seeing you there!