Ant Group is about to make the biggest listing of all time as it is set to raise $34.5 billion in its dual IPO. The Chinese financial technology giant plans to make its shares available on both the Shanghai and Hong Kong stock exchanges.

Ant Group had previously said it would split its stock issuance equally across Shanghai and Hong Kong. This means it will be issuing 1.67 billion new shares in each location.

Ant Group’s Shanghai-listed shares will be priced at $10.25 each for the IPO. The company’s 1.67 billion shares would raise $17.23 billion, according to the exchange rate listed in the official filings. The Hong Kong-listed shares are priced at 80 Hong Kong dollars each, which will yield $17.24 billion.

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Although it is set to be the largest IPO of all time, it could go higher if the over-allotment option is exercised, depending on demand for the shares. Saudi Aramco holds the previous record of the largest IPO of all-time raising just over $29 billion.

The shares are expected to start trading in Hong Kong on 5th November 2020 according to the regulatory filing. However, the company has not revealed its shares will start trading in Shanghai.

Ant Group had previously said that strategic investors had agreed to subscribe to 80% of its shares in Shanghai. Alibaba, had also agreed to buy 730 million A-shares via its subsidiary, Zhejiang Tmall Technology. This acquisition would allow Alibaba to maintain its about 33% stake in the company.

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