ANT Group is seeking to raise at least US$35 billion in its initial public offering (IPO) after assessing early investor interest, sources familiar with the matter said, putting the Chinese fintech giant on track for a record debut sale. Ant lifted its IPO target based on an increased valuation of about US$250 billion, up from previous estimates of US$225 billion, said the sources. Initially, it was expecting to raise at least US$30 billion. Ant’s simultaneous listing in Hong Kong and Shanghai may mark the biggest IPO ever, topping Saudi Aramco’s record US$29 billion sale. Ant could exceed Bank of America Corp.’s market capitalization, and be more than twice the size of Citigroup Inc. Among U.S. banks, only JPMorgan Chase & Co. is bigger at US$300 billion. Ant received a nod from regulators in Shanghai on Friday to proceed with its public share sale. In the wake of its IPO plans, the company’s been hit by a flurry of new regulations aimed at reducing risks in China’s online finance sector. Regulators have curbed small-loan funding sources, capped lending rates and imposed new capital and license requirements on Ant and other conglomerates. The Hangzhou-based company is seeking a hearing with the Hong Kong stock exchange Thursday to clear the next key hurdle, the sources said. Ant declined to comment in an emailed statement. (SD-Agencies) |