Finance News

Ant Group is closing the guide early in Hong Kong resulting from sturdy demand for its file twin IPO

GUANGZHOU, China – Ant Group will complete its institutional book building process in Hong Kong a day earlier than expected due to strong demand for its initial public offering (IPO), a person familiar with the matter told CNBC.

The Chinese financial technology giant is double listing in Shanghai and Hong Kong and issuing an equal number of new shares in each location.

The Ant Group listing will bring in a total of nearly $ 34.5 billion, making it the largest public offering of all time. The Hong Kong stake will raise approximately $ 17.24 billion before an aggregate allotment option is exercised.

97.5% of Hong Kong shares in issue go to institutional investors.

The book building will now close at 5 p.m., according to the source who was not authorized to speak publicly. Hong Kong time on Wednesday instead of Thursday at 5 p.m. as expected.

A bookbuilding process is a period of time during which investors express their interest in going public, specifying the number of shares and the price they want to subscribe to. If there is high demand, the book can be closed early.

The Ant Group declined to comment when contacted by CNBC.

Ant Group has valued its Shanghai-listed shares at 68.8 yuan each and its Hong Kong shares at 80 Hong Kong dollars.

The company's Hong Kong shares are expected to start trading on November 5, with Shanghai shares expected.

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